Dealers in the foreign market bought US$36.76 million in US currency at an average rate of J$132.05, down $1.24 from Tuesday’s rate of $133.29.
The selling rate for the US dollar declined from J$134.05 on Tuesday as US$50.77 million was sold at an average rate of J$133.60 including US$5 million sold to Bank of Jamaica in the B-FXITT Standard Intervention Tool – buy operation, at an average J$133.65. At mid-day on Wednesday the average selling rate was $133.49 with only US$12.3 million then sold.
Overall foreign currencies purchased by dealers amounted to US$41.44 million, while selling accounted for $58 million for a net outflow of just under US$17 million. On Tuesday, net inflows of US$14 million came into the market, but for the US dollar currency, net inflows amounted to US$17 million.
For the next four weeks, the central bank will buy US$5 on Wednesday July 31 and August 8 and will sell $10 million to the market on August 19.
Jamaican dollar gains
BOJ buys $5m at J$133.65
The rate Bank of Jamaica paid on Wednesday, July 25 to purchase US$5 million in the B-FXITT Standard Intervention Tool – buy operation average J$133.65.
Eligible dealers placed bids to buy only $5.5 million with the highest priced offer at 137.24 to sell $200,000 and the lowest at $126 for $200,000. BOJ purchased funds as high as $137.10 amounting 40 percent of the amount offered while the amount of $350,000 that was offered at $137 was fully taken up. Eligible Offers were received from 19 sellers while 18 had funds bought.
The central bank will buy US$5 on Wednesday July 31 and August 8 and will sell $10 million to the market on August 19.
Jamaican Dollar falls to $134.05 to US$
BOJ will buy US$5M from the market on Wednesday.
Foreign exchange dealers bought the equivalent of $66 million and sold US$51 million on Tuesday with the United states dollar accounting for US$60.4 million of the purchased amount and US$43.6 million of sales, a difference of US$17 million.
Similar to Monday when the purchase of US dollars were even with the sales with a total of US$44 million bought and US$44.5 million sold of all currencies, the rate paid by the public to purchase the US dollar jumped over the closing rate on Friday.
On Friday last US$37 million was purchased by dealers of all currency including US$35.5 million in US currency and US$27 million in US currency was sold at an average rate of $132.96, as a total of US$28 million sold of all currencies.
Based on the schedule of intervention by Bank of Jamaica, the central bank will buy US$5 million from the market on Wednesday to be followed by similar amounts on August 2, and August 8.
BOJ buying pushed US$ rate
The official selling rate for the US dollar ended at J$130.47 on Wednesday, rising from $130.06 on Tuesday as sale to Bank of Jamaica under its foreign exchange auction, absorbed US$10 million at an average weighted rate of $131.17.
In Wednesday’s foreign currency trading, dealers bought just over US$27 million at an average rate of J$128.79 and sold over $35.4 million. Overall US$29.4 million of all currencies were bought by dealers and they sold US$38.2 million.
Dealers attempted to sell US$11.35 million to BOJ at rates as high as $134, for US$200,000 and as low as $126.80 for US$1 million. BOJ accepted all bids up to $132.93 and partially up to $133.
BOJ has been buying funds from the market from April when they started the buy side of the BFXITT auction.
On July 11, the central bank will sell US$5 million to the market and buy US$5 million on July 25. In April US$32 million was bought from the market, by BOJ, US$35 million was purchased in May and in June US$19 million. At the auction of Wednesday June 13, the central bank offered to purchase US$10 million buy only US$9 million was offered, the average rate ended at J$132.66 with the highest rate clearing at $133.50. On the June 13, the selling rate in the daily foreign exchange market jumped J$1.29 to JS$131.58 for US$1, a direct result of the BOJ buying, the rate moved even higher on the 14th even as inflows were more than sales on that day.
The central banks purchases helped to steer the Net International Reserves US$69 million higher in May to US$3.175 billion and also grew in April as well from US$3.075 billion at the end of March. At the end of February the NIR was US$3.18 billion.
July and August are two of the months with strong inflows of foreign exchange, but with summer being the prime time of Jamaicans to travel overseas demand tends to be high as well.
Jam$ falls vs US rise with others- Wednesday
The Jamaica dollar slipped moderately in value at the close of foreign currency trading on Wednesday against the US dollar but gained against the others.
Inflows of all currencies amounted to the equivalent US$30.57 million compared to US$37.57 million bought on Tuesday and sold US$42.74 million compared to US$42.54 million sold on Tuesday.
At the close of foreign currency trading, dealers sold US$41.45 million, 5 cents more than on Tuesday with the US dollar selling rate closing at J$125.42, compared to J$125.37 in the sale of US$40.38 million on Tuesday. Purchases of the US currency by dealers, amounted to US$28.57 million, with the average rate adding 4 cents to end $124.04, compared to US$35.51 million, with the average rate of $124 on Tuesday.
At mid-day on Wednesday dealers purchased US$13.07 million at an average rate of J$124.36 and sold $14.19 million at an average of J$125.26. At mid-day on the previous trading day, dealers purchased US$ US$13.07 million at an average rate of J$124.36 and sold $14.19 million at an average of J$125.26.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, falling to J$97.43 from J$100.50 at the close on Tuesday. The selling rate for the British Pound declined to J$167 from J$171.54 previously and the euro declined versus the Jamaican dollar to J$151.76 to buy the European common currency, versus the prior selling rate of J$152.19.
Jamaican$ falls in value – Tuesday
The Jamaica dollar slipped moderately in value at the close of foreign currency trading on Tuesday against all the main currencies it mostly trade against, except the pound.
Inflows of all currencies amounted to the equivalent US$37.57 million compared to US$63.21 million bought on Monday and sold US$42.54 million compared to US$63.48 million sold on Monday.
At the close of foreign currency trading, dealers sold US$40.38 million, 5 cents more than on Monday with the US dollar selling rate closing at J$125.37, compared to J$125.32 in the sale of US$46.64 million on Monday. Purchases of the US currency by dealers, amounted to US$35.51 million, with the average rate falling 33 cents to $124, compared to US$58.09 million, with the average rate of $124.33 on Monday.
At mid-day on Tuesday dealers purchased US$13.07 million at an average rate of J$124.36 and sold $14.19 million at an average of J$125.26. At mid-day on the previous trading day, dealers purchased US$25.27 million at an average rate of J$124.58 and sold $19.78 million at an average of J$125.24.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, rising to J$100.50 from J$98.23 at the close on Monday. The selling rate for the British Pound declined to J$171.54 from J$172.28 previously and the euro rose versus the Jamaican dollar to J$152.19 to buy the European common currency, versus the prior selling rate of J$151.70.
Jamaican$ gains against all – Monday
The Jamaican dollar gained further ground at the close of foreign currency trading on Monday against all the four main currency it mostly trade against daily.
Inflows of all currencies amounted to the equivalent US$63.21 million compared to US$35.26 million bought on Friday and sold US$63.48 million compared to US$37.86 million sold on Friday.
At the close of foreign currency trading, dealers sold US$46.64 million, 21 cents less than on Friday with the US dollar selling rate closing at J$125.32, compared to J$125.53 in the sale of US$29.69 million on Friday. Purchases of the US currency by dealers, amounted to US$58.09 million, with the average rate rising 58 cents to $124.33, compared to US$29.47 million, with the average rate of $123.75 on Friday.
At mid-day on Monday dealers purchased US$25.27 million at an average rate of J$124.58 and sold $19.78 million at an average of J$125.24. At mid-day on the previous trading day, dealers purchased US$8.2 million at an average rate of J$124.37 and sold $7.46 million at an average of J$125.44.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, declining to J$98.23 from J$100.96 at the close on Friday. The selling rate for the British Pound declined to J$172.28 from J$174.70 previously and the euro fell versus the Jamaican dollar to J$151.70 to buy the European common currency, versus the prior selling rate of J$152.09.
More recovery for Jamaican$ – Friday
The Jamaica dollar gained further ground at the close of foreign currency trading on Friday against the US and the Canadian dollars and the euro as volumes increased over the previous week.
Dealers bought US$201 million in all currencies, up from US$191 million bought in the previous week and sold US$217 million, compared to US$210 million in the prior week. Actual US dollar purchases by dealers amounted to US$178 million from US$166 million in the prior week and sold US$190 million including US$15 sold to Bank of Jamaica in the BFXITT auction, compared to US$184 million previously.
Inflows of all currencies amounted to the equivalent US$35.26 million compared to US$34.79 million bought on Thursday and sold US$37.86 million compared to US$31.28 million sold on Thursday.
At the close of foreign currency trading, dealers sold US$29.69 million, 4 cents less than on Thursday with the US dollar selling rate closing at J$125.53, compared to J$125.57 in the sale of US$27.16 million on Thursday. Purchases of the US currency by dealers, amounted to US$29.47 million, with the average rate dropping 55 cents to $123.75, compared to US$32.90 million, with the average rate of $124.30 on Thursday.
At mid-day on Friday dealers purchased US$8.2 million at an average rate of J$124.37 and sold $7.46 million at an average of J$125.44. At mid-day on the previous trading day, dealers purchased US$12.17 million at an average rate of J$124.70 and sold $7.66 million at an average of J$125.49.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, declining to J$100.96 from J$101.70 at the close on Thursday. The selling rate for the British Pound rose to J$174.7 from J$173.57 previously and the euro fell versus the Jamaican dollar to J$152.09 to buy the European common currency, versus the prior selling rate of J$152.63.
Jamaican$ recovers from B-Fxitt effect – Thursday
The Jamaica dollar recovered on Thursday from some of the losses suffered when dealers sold US dollars to Bank of Jamaica in the B-FXITT auction that helped to push up the selling rate on Wednesday.
Inflows of all currencies amounted to the equivalent US$34.79 million compared to US$38.04 million on Wednesday and sold US$31.28 million compared to US$55.58 million, including the amount sold to Bank of Jamaica on Wednesday.
At the close of foreign currency trading, dealers sold US$27.16 million, for 16 cents less than on Wednesday with the US dollar selling rate closing at J$125.57, compared to J$125.73 in the sale of US$52.03 million on Wednesday. Purchases of the US currency by dealers, amounted to US$32.90 million, with the average rate climbing 26 cents to $124.30, compared to US$32.44 million, with the average rate of $123.94 on Wednesday.
At mid-day on Thursday dealers purchased US$12.17 million at an average rate of J$124.70 and sold $7.66 million at an average of J$125.49. At mid-day on the previous trading day, dealers purchased US$14 million at an average rate of J$124.51 and sold $18.42 million at an average of J$125.38.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, jumped to J$101.70 from J$97.54 at the close on Wednesday. The selling rate for the British Pound declined to J$173.57 from J$174.67 previously and the euro fell versus the Jamaican dollar to J$152.63 to buy the European common currency, versus the prior selling rate of J$154.27.
Forex volume up with B-Fxitt trade – Wednesday
Bank of Jamaica bought US$15 million in the B-FXITT auction on Wednesday, with the average rates against the US dollar for accepted offer ending at $126.29. A total of 31 bids were received to sell US$21.85 million up to a rate of $128 and a low of $124.70
Dealers enjoyed inflows of all currencies amounting to the equivalent US$38.04 million compared to US$43.20 million bought on Tuesday and sold US$55.58 million, including the amount sold to Bank of Jamaica. US$44.03 million was sold on Tuesday.
At the close of foreign currency trading, dealers sold US$52.03 million, including the BOJ sales, at 37 cents more than on Tuesday with the US dollar selling rate closing at J$125.73, compared to J$125.36 in the sale of US$39.23 million on Tuesday. Purchases of the US currency by dealers, amounted to US$32.44 million, with the average rate declining 23 cents to $123.94, compared to US$40.56 million, with the average rate of $124.17 on Tuesday.
At mid-day on Wednesday dealers purchased US$14 million at an average rate of J$124.51 and sold $18.42 million at an average of J$125.38. At mid-day on the previous trading day, dealers purchased US$14 million at an average rate of J$124.51 and sold $18.42 million at an average of J$125.38.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, dropped to J$97.54 from J$101.34 at the close on Tuesday. The selling rate for the British Pound declined to J$174.67 from J$176.07 previously and the euro fell versus the Jamaican dollar to J$154.27 to buy the European common currency, versus the prior selling rate of J$154.99.