Jamaica’s National Commercial Bank bought US$4,366,621, at an average rate of J$112.31 to the USA dollar, on Friday, but sold US$17,178,604 at an average of J$112.66, the second time within a week, that the country’s dominant bank, was featuring heavily in the market. Last week Friday, National Commercial Bank bought US$20,408,481, at an average rate of $112.70 and sold only US$8,911,292 at $112.75. On Monday, this week Firstcaribbean Bank had a net sell off of US$6 million. The net sales come at a time when the beleaguered Jamaican dollar has been making slow gains, against the US dollar, having peaked at $112.87, on July 25.
In Friday’s forex trading, outflows exceeded inflows by nearly US$12 million. Authorized dealers purchased the equivalent of US$37,912,992 versus US$26,488,326 on Thursday, the equivalent of US$49,474,851 was sold compared with US$26,902,239 on Thursday.
In US dollar trading, dealers bought US$33,871,010 compared to US$22,597,931 on Thursday. The buying rate for the US dollar climbed 8 cents to $112.33 and US$46,851,454 was sold versus US$24,072,019 on Thursday, the selling rate inched down 1 cent to $112.64. The Canadian dollar buying rate, dropped $2.31 to $97.85 with dealers buying C$647,386 and selling C$431,934 at an average selling rate that rose 11 cents, to $100.80. The rate for buying the British Pound dropped 36 cents to $178.72, for the purchase of £1,641,087, while £971,922 was sold, at $180.17, down $1.69. Other currencies bought, amounted to the equivalent of US$867,036, while selling was for the equivalent of US$682,206.
Highs & Lows| The highest buying rate for the US dollar, closed with a loss of 15 cents at $112.80, the lowest buying rate was unchanged at $91.85, the highest selling rate rose $3.70 to $117.70 and the lowest selling rate fell back $16.34 to $93.66. The highest buying rate for the Canadian dollar fell 50 cents to $100.50, the lowest buying rate rose 30 cents to $80.10, the highest selling rate increased 46 cents to $103.50. The lowest selling rate dropped 15 cents to $96. The highest buying rate for the British Pound, dropped 25 cents to $182.05, the lowest buying rate fell 53 cents to $145.67. The highest selling rate jumped $2.58 to $188.48 and the lowest selling rate eased $3.40 to $174.60.
A big NCB sell off of US dollars
October 3, 2014 by
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[…] Dealers sold much more foreign currency that they bought on Friday. Bank of Nova Scotia (BNS) and National Commercial Bank (NCB) were big net sellers of the US dollar, the second consecutive day of a big net sell off of by […]
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[…] was the largest net seller, with US$7.33 million bought, to US$14.23 million sold, followed by National Commercial Bank, buying US$2.67 million and selling US$5.54 million. The Jamaican dollar was steady against the US […]
[…] buying of only US$7.97 million, resulting in a net sale of US$19 in the two days. On Thursday, National Commercial Bank (NCB) also sold more than they bought, with buying accounting for $6 million and selling US$10.5 […]