Money Management & Personal Finance : What Determines the Foreign Exchange Rate?
To affect the foreign exchange rate for different currencies, check the local paper for exchange rates, and pay attention to the inflation rate ...
Foreign exchange rates hit Citi operating results
, The company said Monday.Foreign exchange markets were particularly volatile over the last few months, as U.S. policymakers wrangled over raising the debt ceiling, and the euro zone continued to struggle with Greece's sovereign debt crisis.
Operating expenses for Citigroup, the world's fourth largest foreign exchange bank in terms of market share, rose 8% in the third quarter to $12.5 billion, from $11.5 billion for the same period in 2010. Foreign exchange rates, along with other "episodic" items, accounted for about two-thirds of the increase in operating expenses, said John Gerspach, Citi's chief financial officer in a conference call.
The year-on-year impact of a weakening dollar resulted in roughly $1 billion in related expenses, he added. Despite strengthening last month, the dollar had been down against most other major currencies for much of the year.
For Citicorp, the company's retail banking and commercial and investment-banking business, foreign exchange represented about 25% of the year-on-year increase in operating expenses, the bank said. Citicorp's operating costs rose 9% to $9.8 billion from the same period last year.
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foreign exchange rate - News
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