The rate for buying the US dollar dropped against the Jamaican dollar by 34 cents on Friday as the rate fell below the $127 mark as inflows of US dollars exceeded outflows.
The rate dealers bought the US dollar for, fell by 7 cents from the closing rate on Thursday.
Buying of foreign exchange in the Jamaican market increased on Friday from Thursday’s levels, with inflows of all currencies, hitting US$58 million, versus US$32.49 million on Thursday. Dealers sold US$44.5 million in contrast to US$37.07 million, previously.
In US dollar trading, dealers sold US$43.44 million at a rate of J$126.86 at the close, compared to US$29.6 million at a rate of J$127.20 on Thursday. Purchases of the US currency by dealers, amounted to US$48.8 million at an average of J$125.86 at the close, compared US$29.12 million at an average of J$125.93.
For the week dealers bought US$231 million in all currencies down from US$262.6 million in all currencies sold in the previous week, including US$20 million auctioned by the central bank. Dealers sold US$229 million sold by the central bank while dealers sold US$236.6 million, compared to the selling of US$236.6 million previously.
Actual US dollar purchases amounted to US$210 million down from US$243.8 million in the prior week and sold US$214.95 million compared to US$219.45 million.
At mid-day on Friday dealers purchased US$13.38 million at an average rate of J$126.34 and sold US$13.20 million at an average of J$126.74. At mid-day on Thursday dealers purchased US$8.29 million at an average rate of J$126.49 and sold US$7.5 million at an average of J$127.23.
The selling rate on Friday, for the Canadian dollar slipped to J$98.45 from J$98.51 at the close on Thursday, the selling rate for the British Pound fell to J$178.67 from J$178.92 previously and the euro inched higher against the Jamaican dollar at J$157.67 to buy the European common currency, versus the prior selling rate of J$157.55.
Buying of US$ drops below J$127 on Friday
March 23, 2018 by
