The Jamaican dollar rose 22 cents from Wednesday’s closing selling rate to remain above J$125, to the United States currency in foreign exchange trading on Thursday, but the buying rate inched higher by 19 cents.
Inflows of all currencies, totaled US$38.16 million, versus US$43.18 million on Wednesday with the selling of US$35.73 million down from US$39.60 million on Wednesday.
In US dollar trading, dealers sold US$33.65 million at an average of $125.61 at the close, compared to US$37.66 million at an average of $125.39 on Wednesday. US currency purchases by dealers, amounted to US$35.20 million at an average of $124.23 at the close, compared to US$38.01 million at an average of $124.04.
At mid-day on Thursday dealers purchased US$9.76 million at an average rate of J$124.66 and sold US$9.68 million at an average of J$125.55. On Wednesday at midday dealers purchased US$13.89 million at an average rate of J$124.27 and sold US$6.36 million at an average of J$124.06.
The selling rate on Thursday, for the Canadian dollarclimbed to J$102.13 from J$100.73 at the close on Wednesday, the selling rate for the British Pound slipped to J$176.01 from J$176.58 previously and the euro rose in value against the Jamaican dollar at J$156.29 to buy the European common currency, versus the prior selling rate of J$155.33.
Local dollar now $125.6 to US$ – Thursday
Jamaican$ falls against US$ – Wednesday
The Jamaican dollar rose 32 cents from Tuesday’s closing selling rate to remain above J$125, to the United States currency in foreign exchange trading on Wednesday, but the buying rate inched higher by 23 cents.
Inflows of all currencies, totaled US$43.18 million, versus US$39.18 million on Tuesday with the selling of US$39.60 million down from US$49.93 million on Tuesday.
In US dollar trading, dealers sold US$37.66 million at an average of $125.39 at the close, compared to US$43.04 million at an average of $125.07 on Tuesday. US currency purchases by dealers, amounted to US$38.01 million at an average of $124.04 at the close, compared to US$34.17 million at an average of $123.81.
At mid-day on Wednesday dealers purchased US$11.9 million at an average rate of J$124.49 and sold US$13.89 million at an average of J$124.52.
On Tuesday at midday dealers purchased US$21.3 million at an average rate of J$124.35 and sold US$15.08 million at an average of J$125.07.
The selling rate on Wednesday, for the Canadian dollar dropped to J$100.73 from J$104.69 at the close on Tuesday, the selling rate for the British Pound rose to J$176.58 from J$174.55 previously and the euro fell in value against the Jamaican dollar at J$155.33 to buy the European common currency, versus the prior selling rate of J$156.03.
Jamaican$ makes gains vs US$
The Jamaican dollar fell 13 cents from Monday’s closing selling rate, but remained above J$125, to the United States currency in foreign exchange trading on Tuesday but the buying rate inched higher by a cent.
The local dollar fell against the Canadian dollar and the euro but rose against the British Pound.
Inflows of all currencies, totaled US$39.18 million, versus US$45.83 million on Monday with the selling of US$49.93 million down from US$42.11 million on Monday.
In US dollar trading, dealers sold US$43.04 million at an average of $125.07 at the close, compared to US$39 million at an average of $125.20 on Monday. US currency purchases by dealers, amounted to US$34.17 million at an average of $123.81 at the close, compared to US$40.47 million at an average of $123.81.
At mid-day on Tuesday dealers purchased US$11.9 million at an average rate of J$124.49 and sold US$13.89 million at an average of J$124.52. On Monday at midday dealers purchased US$21.3 million at an average rate of J$124.35 and sold US$15.08 million at an average of J$125.07.
The selling rate for the Canadian dollar jumped to J$104.69 from J$101.55 at the close on Monday. The selling rate for the British Pound fell on Tuesday, to J$174.55 from J$175.34 previously and the euro rose in value against the Jamaican dollar at J$156.03 to buy the European common currency, versus the prior selling rate of J$155.05.
Jamaican$ lost grounds vs US$
The Jamaican dollar remained above J$125, to the United States currency In foreign exchange trading on Monday, rising 9 cents over Friday’s closing rate.
The local dollar fell against the Canadian dollar and fell against the euro but gained against the British Pound.
Inflows of all currencies totaled US$45.83 million, versus US$37.1 million on Friday with the selling of US$42.11 million down from US$29.06 million on Friday.
In US dollar, trading, dealers sold US$39 million at an average of $125.20 at the close, compared to US$27.72 million at an average of $125.11 on Friday. US currency purchases by dealers, amounted to US$40.47 million at an average of $123.81 at the close, compared US$32.76 million at an average of $123.87.
At mid-day on Monday dealers purchased US$21.3 million at an average rate of J$124.35 and sold US$15.08 million at an average of J$125.07.
On Friday at midday dealers purchased US$12.6 million at an average rate of J$124.13 and sold US$8 million at an average of J$124.91.
The selling rate for the Canadian dollar dropped to J$101.55 from J$100.78 at the close on Friday. The selling rate for the British Pound fell on Monday, to J$177.34 from J$177.56 previously and the euro rose in value against the Jamaican dollar at J$155.05 to buy the European common currency, versus the prior selling rate of J$154.10.
BOJ cuts compulsory take
Jamaica’s Central Bank head quarters Downtown Kingston
Foreign exchange dealers and cambio operators will surrender 5 percentage points less foreign exchange to Bank of Jamaica, (BOJ) effective 7 February. Jamaica’s central bank announced the reduction on Friday, the second time within three months.
The amount required to be sold to the central bank will be 20 percent by Authorised Dealers and 15 percent for cambios of daily purchases.
According to BOJ, “the continued reduction in surrender requirements, in conjunction BOJ Foreign Exchange Intervention and Trading Tool (B‐FXITT)with the , is in keeping with BOJ’s ongoing reform programme to make its interaction with the foreign exchange market more transparent and to improve the efficiency and transparency of the FX market in general. The central bank expects this reduction in surrender requirements to improve liquidity conditions in the FX market and contribute to its deepening. Going forward, the central bank will conduct periodic reviews of market conditions and other factors to determine the scope for further reductions in the surrender requirements, concurrently with further enhancements to B‐FXITT.”
In October, Bank of Jamaica stated that the present arrangement requiring foreign exchange dealers to surrender around 25 percent to 30 percent of their daily intake is to be phased out. The central bank now considered that the market is deep and liquid enough for government entities to go directly into the market for their needs. After that announcement the central bank followed up with a 5 percentage points cut in the amount to be surrendered in October.
In other developments within the FX market the central bank notified the market that they do not intend to have any auction of foreign exchange for the period ending February 13. The last B‐FXITT auction was on Wednesday, 29 November 2017 for the sale of US$4 million. Since then the central bank bought foreign currency from the market.
Demand drops for US$ for week
Inflows of all currencies totaled US$37.1 million on Friday versus US$34.75 million on Thursday with the selling of US$29.06 million down from US$40.80 million on Thursday. For the week inflows were slightly higher than for the previous week at US$166 million, while outflows declined sharply to US$162 million from $191 the week before.
In foreign exchange trading on Friday, the Jamaican dollar remained above J$125 to the United States currency, with just a 1 cent rise in the rate over Thursday’s close. The local dollar rose against the Canadian dollar and the British Pound and fell against
In US dollar, trading, dealers sold US$27.72 million at an average of $125.11 at the close, compared to US$35.54 million at an average of $125.10 on Thursday. US currency purchases by dealers, amounted to US$32.76 million at an average of $123.87 at the close, compared US$30.83 million at an average of $123.83.
On Friday at midday dealers purchased US$12.6 million at an average rate of J$124.13 and sold US$8 million at an average of J$124.91.
The selling rate for the Canadian dollar dropped to J$100.78 from J$105.41 at the close on Thursday. The selling rate for the British Pound fell on Friday, to J$177.56 from J$178.16 previously and the euro rose in value against the Jamaican dollar at J$154.10 to buy the European common currency, versus the prior selling rate of J$152.48.
Jamaican$ up against 2 down vs 2
In foreign exchange trading on Thursday, the Jamaican dollar remained above J$125 to the United States currency, but with an improvement in the rate even as outflows were more than inflows. Canadian dollar and the British Pound and rose against the>euro.
Inflows of all currencies totaled US$34.75 million, versus US$45.09 million on Wednesday with the selling of US$40.80 million down from US$42.65 million on Wednesday.
In US dollar, trading, dealers sold US$35.54 million at an average of $125.10 at the close, compared to US$36.10 million at an average of $125.29 on Wednesday. US currency purchases by dealers, amounted to US$30.83 million at an average of $123.83 at the close, compared US$40.56 million at an average of $124.11.
The selling rate for the Canadian dollar rose to J$105.41 from J$104.62 at the close on Wednesday. The selling rate for the British Pound climbed on Thursday, to J$178.16 from J$175.01 previously and the euro fell in value against the Jamaican dollar at J$152.48 to buy the European common currency, versus the prior selling rate of J$154.92.
Jamaican$ loses more vs US$ – Wednesday
In foreign exchange trading on Wednesday, the Jamaican dollar remained above J$125 to the United States currency as outflows were just below inflows while dealers’ buying rate rose by 38 cents.
The local dollar fell against the Canadian dollar, the euro and the British Pound.
Inflows of all currencies totaled US$45.09 million, versus US$37.12 million on Tuesday with the selling of US$42.65 million up from US$38.26 million on Tuesday.
In US dollar, trading, dealers sold US$36.10 million at an average of $125.29 at the close, compared to US$33.52 million at an average of $125.05 on Tuesday. US currency purchases by dealers, amounted to US$40.56 million at an average of $124.11 at the close, compared US$32.17 million at an average of $123.73.
On Wednesday at midday dealers purchased US$10.4 million at an average rate of J$124.35 and sold US$10.7 million at an average of J$125.24. At mid-day on Tuesday dealers purchased US$12.3 million at an average rate of J$123.93 and sold US$9.1 million at an average of J$124.90.
The selling rate for the Canadian dollar jumped to J$104.62 from J$100.20 at the close on Tuesday. The selling rate for the British Pound climbedl on Wednesday, to J$175.01 from J$172.34 previously and the euro fell in value against the Jamaican dollar at J$154.92 to buy the European common currency, versus the prior selling rate of J$153.04.
Jamaican$ back above 125 to US – Tuesday
In foreign exchange trading on Tuesday, the Jamaican dollar moved back above J$125 to the United States currency as outflows exceeded inflows and dealers buying rate rose by 6 cents.
The local dollar fell against the Canadian dollar and the euro but rose in value against the British Pound.
Inflows of all currencies totaled US$37.12 million, versus US$49.46 million on Monday with the selling of US$38.26 million down from US$41.18 million on Monday.
In US dollar, trading, dealers sold US$33.52 million at an average of $125.05 at the close, compared to US$37.59 million at an average of $124.90 on Monday. US currency purchases by dealers, amounted to US$32.17 million at an average of $123.73 at the close, compared US$43.79 million at an average of $123.67.
On Tuesday at midday dealers purchased US$12.3 million at an average rate of J$123.93 and sold US$9.1 million at an average of J$124.90. At mid-day on Monday dealers purchased US$22.2 million at an average rate of J$124.36 and sold US$13.9 million at an average of J$124.88.
The selling rate for the Canadian dollar inched to J$100.20 from J$100.15 at the close on Monday. The selling rate for the British Pound fell on Tuesday, to J$172.34 from J$173.57 previously and the euro fell in value against the Jamaican dollar at J$153.04 to buy the European common currency, versus the prior selling rate of J$152.11.
Jamaican$ back below 125 to US – Monday
Chart shows that the Jamaican dollar could go back to 120 to US dollar in 2018.
In foreign exchange trading on Monday, the Jamaican dollar fell below J$125 to the United States currency as inflows exceeded outflows and dealers buying rate declined by 12 cents.
The local dollar also gained against the Canadian dollar and the euro and fell in value against British Pound.
Inflows of all currencies rose to US$49.46 million, from US$36.01 million on Friday with the selling of US$41.18 million down from US$42.23 million on Friday.
In US dollar, trading dealers sold US$37.59 million at an average of $124.90 at the close, compared US$38.57 million at an average of $125.07 on Friday. US currency purchases by dealers, amounted to US$37.59 million at an average of $123.67 at the close, compared to US$31.79 million at an average of $123.79.
On Monday at midday dealers purchased US$22.2 million at an average rate of J$124.36 and sold US$13.9 million at an average of J$124.88. At mid-day on Friday dealers purchased US$9.86 million at an average rate of J$124.33 and sold US$7.9 million at an average of J$125.33.
The selling rate for the Canadian dollar dipped to J$100.15 from J$100.57 at the close on Friday. The selling rate for the British Pound climbed on Monday, to J$173.57 from J$170.44 previously and the euro fell in value against the Jamaican dollar at J$152.11 to buy the European common currency, versus the prior selling rate of J$153.82.