I sold off my entire stake in Citigroup at a price of around US$44.11 last week. My average entry price for the stock was US$37.00. After some thought, I decided that the target price for Citigroup was not an event worth waiting for given that the profits would be marginal..
At first glance, it would seem that I should have made quite a tidy profit on Citigroup. But after examining it closer, the profits that I made were really peanuts. And this is largely due to the exchange rates.
Basically, I bought Citigroup when the USD (US dollar) to SGD (Singapore dollar) was around 1:1.4. The US dollar has however weakened significantly over the course of the years. So based on the exchange rate today, my profits were almost wiped out. You can take a look at the chart below to see how the USD has weakened significantly against the Singapore dollar.
This blog is about financial freedom and serves to inform, educate and entertain the public on all personal finance matters. The author of this blog has been blogging for 5 over years. He was also a guest blogger at CPF's IMSavvy site (now AreYouReady site). This blog is visited by many unique readers from various countries every month. Do bookmark this blog and leave your comments.
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I have learned this lesson on currency risk in my early days with 10% NZ Fixed deposits. Actually, nothing fantastic when it was back in my hand as SGD.
ReplyDeleteYou may understand why I no play overseas stocks. LOL!