Big US$ sell off by dealers – Wednesday

Dealers in Jamaican forex market, sold off US dollars on Wednesday with the selling rate falling below Tuesday’s rate of JS$129.57 to the US and ending at J$129.46 on Wednesday as selling exceeded buying by a wide margin.
Inflows of all currencies into Jamaica’s forex market ended down, at US$44.76 million compared to US$48.33 million on Tuesday, while dealers sold US$62.53 million versus US$49.45 million, previously.
US currency purchases, accounted for US$38.54 million of total inflows, at an average rate of J$128.55 versus J$128.62 for US$40.80 million on Tuesday, while dealers sold US$56.74 million compared to US$43.61 million previously.
The selling rate for the Canadian dollar rose to J$104.14 from J$103.94 at the close on Tuesday. The British Pound rose to J$172.35 for buying the British currency versus J$170.96 previously and the euro gained in value against the Jamaican dollar, with it taking J$154.41 to buy the European common currency, versus J$152.57, previously.