Businesses dealing with the US should consider buying dollars now, says Raphaels Bank 17.07.2007

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The pound is currently at a 26 year high against the US Dollar with rates consistently breaking the $2 mark at the beginning of July. Commercial foreign exchange rate specialist, Raphaels Bank is asking import businesses to think about making the most of the current market to maximise profits. By locking a rate of exchange in advance for delivery of funds, businesses can protect their bottom line and accurately forecast budgets.

“British businesses should consider capitalising on the strong pound and Raphaels' bespoke foreign exchange services can help them do just that, explains, Mike Smith, Group Director of Marketing & Strategy, Raphaels Bank. “With the pound hitting a long-term high, now could be a very good time to fix a rate of exchange, even if shipment isn't scheduled for several weeks, especially as the pound sits 20 cents higher than at this time last year. “

Exchange rate volatility makes it hard for businesses to avoid fluctuations which impact on their profits. Raphaels Bank helps import and export companies manage the risk associated with currency exchange, protecting their bottom line.

For further information about foreign exchange market news, please contact CFX department on 0800 587 8722