1 week stability for Jam$ vs US

The Jamaica dollar had one of the best period against the United States dollar this week, with the selling rate hardly moving from the close of Friday, June 23 of $126.35 and only moving by 3 cents at the close on Thursday to end the month at $126.38. The near stability comes against the back ground of instability in world currency markets since last week, following the vote in Britain to leave EEC.
The local currency ended May with the selling rate ending at $125.41 to the US dollar and ended June, taking almost J$1 more to buy the US dollar. By Monday June 13, the rate moved to $125.99 and on Friday the 17th to $126.07, before easing slowly, in the last week of the month.
On Thursday, the Jamaican dollar lost ground slightly against the US dollar but suffered greater losses against the Canadian dollar and the severely battered Pound.
The foreign exchange market closed with dealers buying the equivalent of US$1 million more than the amount sold in all currencies, bringing the surplus purchased in the last four days to $13 million, with the amount bought by dealers being US$37,497,494 while they sold US$36,347,234, compared to US$53,634,075 purchased and US$55,336,297 sold on Wednesday.
In US dollar trading, dealers bought US$34,965,091 compared to US$50,461,084 on Wednesday as the buying rate for the US dollar fell 26 cents to $125.78. A total of US$35,041,039 was sold versus US$53,396,084 on Wednesday with the selling rate rising 1 cent to $126.38. The Canadian dollar buying rate rose by 58 cents to end at $93.71 with dealers buying C$755,321 and selling C$419,675, at an average rate that climbed $1.20 to $97.88. The average rate for buying the British Pound climbed 41 cents to $166.26 for the purchase of £1,427,616, while £571,210 was sold, with the rate gaining 26 cents to $169.85.
At the end of trading, the selling rate for Euro, rose 65 cents to close at J$140.31 from Wednesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$137.84, for a gain of 70 cents from Wednesday’s rate. The US dollar equivalent of other currencies traded amounts to US$82,580 being bought, while US$213,501 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates for the Jamaican dollar in the foreign exchange market on Thursday include, a fall of $2.56 in the highest buying rate of the Canadian Dollar to $96, a rise of 83 cents in the lowest buying rate to close at $77.19. The British Pound had a mixed day of trading, with the highest buying rate jumping $11 to $182.50, but the lowest buying rate remained unchanged at $120, the highest selling rate rose by $3 to close at $187 and the lowest selling rate dropped by $6 to end at $153. The highest and lowest rates for the Pound are close to the rates that the currencies traded at before the sharp fall last week.