Posted by Allison on 21 March 2010, 04:38
In the second of this month’s reports featuring the British pound going up against three other currencies, we’re going to take a look at how it did during February against the Maldives currency. Once again this isn’t a currency we typically look at, but it does represent an interesting one for any holidaymakers who are thinking of visiting that part of the world. When your holiday draws near you will want to know what your currency converter has to tell you with regard to the British pound and the Maldives rufiyaa.
Back on the 1st of the month the British pound could get a total of 20.356 Maldives rufiyaa. This improved as soon as the next day was over, when the pound was up to a better rate of 20.417. This climbed to 20.425 the day after before the Maldives rufiyaa finally got back in the game and knocked the pound back down to 20.305.
So was this finally going to be something of a battle? Did the pound have something to test it now? Let’s see what happened next.
It certainly seemed as if the Maldives rufiyaa had got its act together because the final rate for the week for the pound against the rufiyaa was 20.069. And things looked worse still on the opening day of the following week as the pound dropped back to 19.979. Falling below that 20.0 mark was somehow the most worrying part, and even though it got back to 20.007 the next day, the battle would not end there.
The rufiyaa had enough in the locker to worry the pound even more the next day as it pushed the pound back down to 19.994 again. The pound fought back valiantly to 20.005 the day after, and then the rufiyaa put that same pattern back into play again. This meant the final rate for that particular week was 19.985.
The pound was not to be beaten back so easily though, and the currency was back to 20.074 by the time Monday’s trading was over. Tuesday saw a marginal decrease to 20.070 but then the pound put in what turned out to be its final big spurt of the month. This sent it to 20.223 but the very next day it fell back to 19.956. It finished the week in an even worse position as well, as it only managed to grab a rate of 19.703 on Friday night.
What could we do next to try and regain our hold over the Maldives rufiyaa? The answer seemed to be ‘not a lot’, because the highest rate the following week was gained on Monday night, with 19.826 on the cards. After that the rufiyaa was in charge for the rest of the week, with a final exchange rate at the week’s end of 19.452.
So let’s hope that the exchange rate gets better before everyone decides to head out to the Maldives to enjoy a luxurious summer holiday.