Big jump in Jamaica’s FX trades – Thursday

Trading jumped sharply in the Jamaican foreign exchange market on Thursday with over US$120 million dollar changing hands for an unusually high level of trading. The rate of the local dollar saw further erosion climbing to $123.14 for the selling rate for the US dollar. The Jamaican dollar declined against the Pound and gained against the Canadian dollar.
The market closed with dealers buying the equivalent of US$123,767,068 and selling US$123,055,349, in contrast to US$40,752,667 purchased and US$33,016,027 sold on Wednesday.
In US dollar trading, dealers bought US$120,456,040 compared to US$33,016,150 on Wednesday, as the buying rate for the US dollar rose 74 cents to close at $122.90. A total of US$120,998,074 was sold versus US$31,727,298 on Wednesday with the selling rate rising 3 cents to $123.14. The Canadian dollar buying rate declined by 17 cents to end at $93.92 with dealers buying C$883,954 and selling C$612,031, at an average rate that fell 33 cents to $97.02. The rate for buying the British Pound fell 3 cents to $176.73 for the purchase of £1,759,249, while £830,527 was sold, as the rate rose $1.16 to $179.73.
At the end of trading, the selling rate for Euro, rose 28 cents to close at J$139.24, from Wednesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$136.10 for a rise of 26 cents from Wednesday’s rate. The US dollar equivalent of other currencies traded amounts to US$105,669 being bought, while US$362,915 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates for the Jamaican dollar against the main currencies on Thursday are, a fall of $6.53 in the lowest selling rate of the US dollar to end at $93.50, a fall of $3.78 in the lowest buying rate of the Canadian dollar to $73 and a rise of $2 in the lowest selling rate to end at $90. A fall of $1 in the highest buying rate for the British Pound to $180.50, a rise of $1.72 in the highest selling rate to $185.76 and a rise of $1 in the lowest selling rate to $168.