Bank of Jamaica intervened for the second consecutive day in the foreign exchange market on Tuesday allowing the local dollar remain steady against the United States dollar, as dealers bought over $8 million more than they sold.
The foreign exchange market closed on Tuesday, with dealers buying the equivalent of US$88,926,675 and selling US$80,478,200, in contrast to US$66,689,913 purchased and US$71,064,031 sold on Friday.
In US dollar trading, dealers bought US$84,018,742 compared to US$63,725,324 on Friday, as the buying rate for the US dollar fell 2 cents to $124.97. A total of US$77,992,668 was sold versus US$69,202,703 on Friday with the selling rate remaining unchanged at $125.42.
The Canadian dollar buying rate rose 83 cents to end at $92.59 with dealers buying C$1,737,564 and selling C$1,127,018, at an average rate that climbed by 17 cents to $96.05. The rate for buying the British Pound rose 8 cents to $178.67 for the purchase of £2,408,311, while £1,085,269 was sold, with the rate falling 61 cents to $180.89. At the end of trading, the selling rate for Euro, rose 21 cents to close at J$140.64, from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$138.04, for a rise 65 cents on Friday’s rate. The US dollar equivalent of other currencies traded amounts to US$177,430 being bought, while US$57,166 was sold.
Highs & Lows| Notable changes to the highest and lowest rates the Jamaican dollar traded at in the foreign exchange market on Tuesday, include, a fall of $1.38 in the lowest selling rate of the US dollar to end at $101.74, an increase in the highest buying rate of $1 to $96.50 for the Canadian dollar , a rise of $1 in the highest selling rate to $99.50, a rise of $11.05 in the lowest selling rate to end at $90, a fall of 86 cents in the highest selling rate for the British Pound to $187.92.
BOJ’s intervention steadies J$
May 24, 2016 by
