The Jamaican dollar made further gains in recovering lost value on Friday, with the rate against the US dollar that dealers sold at, falling to $129.91 from JS$129.99 on Thursday.
Inflows of all currencies into Jamaica’s forex market ended on Friday at US$37.34 million down from Thursday’s US$46.71 million, while dealers sold US$37.23 million versus US$50.04 million, previously.
US currency purchases, accounted for US$28.65 million of the total inflows, at an average of J$128.49 versus J$129.12 for US$36.83 million on Thursday, while dealers sold US$30.35 million compared to US$38.66 million previously.
The selling rate for the Canadian dollar dropped to J$105.10 from J$105.55 at the close on Thursday. The British Pound dropped to J$173.88 for buying the British currency versus J$176.21 previously and the euro declined in value against the Jamaican dollar, with it taking J$152.45 to buy the European common currency, versus J$157.14, previously.
JS$ gains more ground vs US$ – Friday
JS$ back below $130 to US$ – Thursday
The Jamaican dollar made gains on Thursday, with the rate against the US dollar falling back below $130 after it surged earlier in the month to more than J$131 to the US.
Selling by Bank of Jamaica through the new weekly auction system of US$75 million since the last week in August seems to have met most of the demand so far. Inflows of all currencies into Jamaica’s forex market ended on Thursday at US$46.71 million down from Wednesday’s US$48.90 million, inclusive of the BOJ auction sale of US$10 million, while dealers sold US$50.04 million versus US$47.27 million, previously.
US currency purchases, accounted for US$36.83 million of the total inflows, at an average of J$129.12 versus J$129.40 for US$40.57 million on Wednesday, while dealers sold US$38.66 million at JS$129.99 compared to J$130.37 for US$39.66 million previously.
The selling rate for the Canadian dollar dropped to J$105.55 from J$105.80 at the close on Wednesday. The British Pound was marginally more costly, with J$176.21 buying the British currency versus J$175.50 previously and the euro rose in value against the Jamaican dollar, with it taking J$157.14 to buy the European common currency, versus J$154.06 previously.
Forex demand drops
The number of bids posted in the Bank of Jamaica B-FXITT auction on Wednesday dropped from 42 bids totaling $62.6 million last week, to 36 this week for only US$20.55 million this week.
The central bank made US$10 million available for purchase on Wednesday this week, 18 bids were accepted, with rates ranging from $130.05 to $130.50, with the latter for US$1.2 million. The average rate came out at $130.28, down from an average of rate of J$131.36 last week.
Bank of Jamaica sold US$30 million in last week’s auction on Wednesday to eligible Authorised Dealers and Cambios.
Forex inflows upto US$49m – Wednesday
Inflows of all currencies into Jamaica’s forex market, rose on Wednesday to US$48.90 million from Tuesdays’ US$45.06 million, while dealers sold US$47.27 million versus US$49.48 million, previously.
Bank of Jamaica weekly auction scheduled for Wednesday would have pumped $10 million into the system and is expected to be included in the total inflows.
US currency purchases, accounted for US$40.57 million of the total inflows, at an average of J$129.40 versus J$129.26 for US$36.50 million on Tuesday, while dealers sold US$39.66 million at JS$130.37 compared to J$130.45 for US$41.60 million previously.
The selling rate for the Canadian dollar dropped to J$105.80 from J$106.41 at the close on Tuesday. The British Pound was marginally more costly, with J$175.50 buying the British currency versus J$175.34 previously and the euro fell in value against the Jamaican dollar, with it taking J$154.06 to buy the European common currency, versus J$156.15 previously.
Forex inflows up to US$45m – Tuesday
Inflows of all currencies into Jamaica’s forex market rose on Tuesday to US$45.06 million from Mondays’ US$41.73 million, while dealers sold US$49.48 million versus US$40.33 million, previously.
US currency purchases, accounted for US$36.50 million at an average of J$129.26 versus J$129.28 for US$36.29 million on Monday, while dealers sold US$41.60 million at JS$130.45 compared to J$130.52 for US$36.04 million previously.
The selling rate for the Canadian dollar rose to J$106.41 from J$106.06, at the close on Monday. The British Pound was marginally more costly, with J$175.34 buying the British currency versus J$175.30 previously and the euro, fell slightly in value against the Jamaican dollar, with it taking J$156.15 to buy the European common currency, versus J$156.18 previously.
Forex inflows dip to US$42m – Monday
Inflows of all currencies into Jamaica’s forex market dipped on Monday to US$41.73 million from Fridays’ US$51.07 million, while dealers sold US$40.33 million versus US$35.61 million, previously.
US currency purchases, accounted for US$36.29 million at an average of J$129.28 versus J$129.78 for US$40.99 million on Friday, while dealers sold US$36.04 million at JS$130.52 compared to J$131.18 for US$29.71 million previously.
The selling rate for the Canadian dollar fell to J$106.06 from J$106.43, at the close on Friday. The British Pound was less costly, with J$175.30 buying the British currency versus J$176.75 previously and the euro, fell in value against the Jamaican dollar, with it taking J$156.18 to buy the European common currency, versus J$157.29 previously.
Forex inflows jump to US$51m – Friday
Inflows of all currencies into Jamaica’s forex market jumped on Friday of US$51.07 million from Thursdays’ US$30.75 million, while dealers sold only US$35.61 million versus US$26.40 million.
US currency purchases accounted for US$40.99 million at an average of J$129.78 versus J$129.82 for US$28.22 million on Thursday, while dealers sold US$29.71 million at JS$130.81 compared to J$131 for US$24.62 million previously. For the week Purchases by dealers accounted for US$276 million and selling of US$186 million of all currencies.
The selling rate for the Canadian dollar fell to J$106.43 from J$107.09, at the close on Thursday. The British Pound was less costly, with J$176.75 buying the British currency versus J$177.81 previously and the euro, fell in value against the Jamaican dollar, with it taking J$157.29 to buy the European common currency, versus J$158.92 previously.
US$40m for BOJ FX auction
Bank of Jamaica announced that they will be auctioning off US$10 million in each of the next four foreign exchange auction (B-FXITT).
The amount allocated will start next Wednesday, September 27 and end Wednesday October 18. The weekly amounts translate to $40 million and compares with US$65 million made available by BOJ over the past four weeks.
According to the central bank, “each entity may submit up to three bids in the operation. In order to maintain eligibility to access B-FXITT operations each authorized dealer and selected cambio must submit at least one bid. The total value of all bids submitted by each entity must not exceed 20 percent of the auction offer size
Forex demand cools – Thursday
Inflows of all currencies into Jamaica’s forex market fell back to more normal levels on Thursday with US$30.75 million bought by dealers, down from Wednesdays’ sharp jump to US$91.14 million, while dealers sold only US$26.40 million versus US$45.67 million.
US currency purchases accounted for US$28.22 million at an average of J$129.82 versus J$130.80 for US$88.93 million on Wednesday, while dealers sold US$24.62 million at JS$131 compared to J$131.18 for US$44.44 million previously.
The selling rate for the Canadian dollar rose to J$107.09 from J$106.75, at the close on Wednesday while the British Pound was marginally less costly, with J$177.81 buying the British currency versus J$177.82 previously and the euro, gained value against the Jamaican dollar, with it taking J$158.92 to buy the European common currency, versus J$157.62 previously.
Big jump in Forex inflows – Wednesday
On the day Bank of Jamaica auctioned off US$30 million to dealers, inflows of all currencies jumped sharply to a very high US$91.14 million, up from US$56.56 million on Tuesday and dealers sold US$45.67 million versus US$37.94 million.
US currency purchases accounted for US$88.93 million at an average of J$130.80 versus J$130.27 for US$51.92 million on Tuesday, while dealers sold US$44.44 million at JS$131.18 compared to J$131.177 for US$36.32 million previously.
The selling rate for the Canadian dollar dropped to J$106.75 from J$108.04, at the close on Tuesday while the British Pound was more costly, with J$177.82 buying the British currency versus J$175.99 previously and the euro, gained value against the Jamaican dollar, with it taking J$157.62 to buy the European common currency, versus J$157.24 previously.