BOJ intervention keeps JS$ rate down

35 bids amounting to US$20.65 million, entered Bank of Jamaica’s B-FXITT auction on Wednesday, for the continued sale of United States dollars.
The central bank offered US$10 million that attracted only 19 successful bids, resulting in an average rate of $133.75, with the highest submitted being $134.10 and the lowest at $130.34.
The auction resulted in US$53.9 million at an average rate of $133.38 being purchased by dealers in the foreign exchange market and the selling of $48.7 million at an average rate of $134.20.
Dealers bought US$59.9 million in all currency and sold US$62.7 million. Included in the total purchases was Can$5.85 million and total sales included Can$16.86 million.
On Monday, dealers sold US$58 million, resulting in an average rate of $134.69 after buying US$49.60 million at an average of $133.39. On Tuesday purchases by dealers amounted to US$32.3 million at $133.18 and selling, US$53.69 million at $134.48.
BOJ plans sale of US$10 million each on 10th and 17th of October and none on October 24.

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