The Jamaican dollar continues its slide against the main currencies on Thursday as the purchase of foreign currency by dealers, saw more demand than inflows. The equivalent of only US$23,283,938 entered the market with the equivalent of US$26,565,251 leaving. In contrast, on Wednesday dealers bought the equivalent of US$24,428,168 and sold the equivalent of US$31,678,079.
In US dollar trading, dealers bought only US$17,549,276 compared to US$19,806,494 on Wednesday as the buying rate for the US dollar rose 8 cents to $110.85 and sold US$21,696,188 versus US$22,336,540 on Wednesday with the rate closing up 5 cents to $111.50.
The Canadian dollar buying rate fell by 18 cents to end at $101.47 with dealers buying C$1,913,368 and selling C$1,734,868 with the rate rising 4 cents to end at $102.39.
The Pound closed at $186.23, for the purchase of £2,307,441 as the rate gained $1.58, while £1,868,362 was sold, with the rate rising 77 cents to $187.49. Other currencies bought amounted to the equivalent of only US$106,784 while selling accounted for the equivalent of just $134,343.
Highs & Lows| The highest buying rate for the US dollar gained 5 cents to $111.70 but the lowest buying rate along with the highest selling rates remained unchanged at $90.60 and $116.09 respectively. The lowest selling rate declined by 40 cents to $108.10.
The highest buying rate for the Canadian dollar rose 20 cents to $102.80, the lowest buying rate gained 8 cents to end at $80.76, the highest selling rate was up 6 cents to $104.54 and lowest selling rate was up by 40 cents to $97.70.
The highest buying rate for the Pound gained 75 cents to $187.85 while the lowest buying rate remained unchanged at $149.40 as well as the highest selling rate at $192.60 and the lowest selling rate at $180.
Moderate flows as J$ looses ground
Outflows dominate
The Jamaican dollar was mixed against the main currencies, in Wednesday’s trading as the purchase of foreign currency by dealers, saw more demand than supply, breaking a three day spell of more inflows than outflows. A total of the equivalent of only US$24,428,168 entered the market with the equivalent of US$31,678,079 leaving. On Tuesday dealers bought the equivalent of US$33,917,829 and they sold the equivalent of US$28,025,802.
In US dollar trading, dealers bought only US$19.8 million compared to US$26.38 million on Tuesday as the buying rate for the US dollar fell 7 cents to $110.77 and sold US$27,301,779 versus US$22,336,540 on Tuesday with the rate closing up 5 cents to $111.45.
The Canadian dollar buying rate rose by 47 cents to end at $101.64 with dealers buying C$3,126,844 and selling C$3,327,533 with the rate rising 16 cents to end at $102.36.
The Pound closed at $184.65, for the purchase of £980,484 as the rate gained 18 cents, while £755,239 was sold, with the rate dropping 46 cents to $186.72. Other currencies bought amounted to the equivalent of only US$118,036 while selling accounted for the equivalent of just $54,991.
Highs & Lows| The highest rate gained 5 cents to $111.65 but the lowest buying rate along with the highest selling for the US dollar remained unchanged at $90.60 and $116.09 respectively. The lowest selling rate was up $17.90 to $108.50.
The highest buying rate for the Canadian dollar rose 45 cents to $102.60, the lowest buying rate remained unchanged at $80.68, the highest selling rate was up 38 cents to $104.48 and lowest selling rate was up by a mere 10 cents to $97.30.
The highest buying rate for the Pound gained 10 cents to $187.10 while the lowest buying rate remained unchanged at $149.40. The highest selling rate rose by $1.06 to $192.60 and the lowest selling rate was up 55 cents to $180.
More inflows than outflows again
The Jamaican dollar was virtually stable against the US dollar but lost ground against the Canadian dollar and the Pound sterling in Tuesday’s trading as the purchase of foreign currency by dealers exceeded selling for the third day in a row.
Trading levels on the market on Tuesday were below Monday’s which is usually the norm, with dealers buying the equivalent of US$33,917,829 compared to US$44,386,802 on Monday and they sold the equivalent of US$28,025,802 versus US$50,757,616
In US dollar trading, dealers bought US$26,384,980 compared to US$46,175,243 on Monday as the buying rate for the US dollar fell 2 cents to $110.84 and sold US$22,336,540 versus US$40,725,949 on Monday with the rate closing up a cent at $111.40.
The Canadian dollar buying rate rose by 45 cents to end at $101.17 with dealers buying C$3,129,699 and selling C$3,127,180 with the rate rising 19 cents to end at $102.20.
The Pound closed at $184.47 for the purchase of £1,952,762 as the rate gained 8 cents while £806,732 was sold with the rate gaining 59 cents to $187.18. Other currencies bought amounted to the equivalent of US$1,426,083 while selling accounted for the equivalent of $1,465,144.
Highs & Lows| The highest and the lowest buying rates along with the highest selling for the US dollar remained unchanged at $111.60, $90.60 and $116.09 respectively but the lowest buying rate gained 42 cents to $90.60.
The highest buying rate for the Canadian dollar rose 2 cents to $102.15, the lowest buying rate increased by 17 cents to $80.68, the highest selling rate inched up 10 cents to $104.10 and lowest selling rate was up by a mere 20 cents to $97.20.
The highest buying rate for the Pound fell 15 cents to $187 while the lowest buying rate climbed just 4 cents to $149.40. The highest selling rate declined by $1.01 to $191.54 while the lowest rate fell 50 cents to $179.45.
Jamaican $ slips to $111.37 for US$
The Jamaican dollar lost further ground against the US dollar and the Pound sterling but gained against the Canadian dollar in Friday’s trading. The selling rate for the US dollar was up by a cent to $111.37 as a total of US$41 million was bought by dealers and $38.8 million was sold. 
The rates for the Canadian dollar settled at $100.50 buying and $101.74 selling and the Pound traded at $184.56 buying with the selling rate ending at $187.20.
Trading levels on the market on Friday were above Thursday’s as dealers bought the equivalent of US$44,386,802 compared to US$26,366,025 on Thursday and sold the equivalent of US$41,450,934 versus US$27,249,283. Trading activity led to the local currency losing ground against the US dollar and the Pound Sterling but it was mixed against the Canadian dollar.
In US dollar trading, dealers bought US$41,028,885 compared to US$20,697,117 on Thursday as the buying rate for the US dollar rose 24 cents to $111 and sold US$38,828,427 versus US$23,213,516 on Thursday with the rate closing up by a cent at $111.37.
The Canadian dollar buying rate fell by 30 cents to end at $100.50 with dealers buying C$1,211,058 and selling C$973,786 with the rate falling 29 cents to end at $101.74.
The Pound closed at $184.56 for the purchase of £1,052,437 as the rate fell 90 cents while £343,895 was sold with the rate climbing by 50 cents to $187.20.
Other currencies bought amounted to the equivalent of US$511,612 while selling accounted for the equivalent of $1,154,906.
Highs & Lows| The highest buying rate for the US dollar rose 25 cents to $112 but the lowest buying rate remained unchanged at $90.18, the highest selling gained 53 cents to $116.09 and the lo
west selling rose by $18.32 to $108.50.
The highest buying rate for the Canadian dollar fell 15 cents at $101.90, the lowest buying rate increased by 37 cents to $80.47 but the highest selling rate inched up 1 cent to $103.79 and lowest selling rate was up by 45 cents to $96.95.
The highest buying rate for the Pound gained 20 cents to $187.50 while the lowest buying rate remained unchanged at $148.28. The highest selling rate declined by 51 cents to $190.65 while the lowest gained $1.30 to $179.95.
J$111.37 to buy a US$
The Jamaican dollar lost further ground against the US dollar and the Pound sterling but gained against the Canadian dollar in Friday’s trading. The selling rate for the US dollar was up by a cent to $111.37 as a total of US$41 million was bought by dealers and $38.8 million was sold. The rates for the Canadian dollar settled at $100.50 buying, down by 30 cents and selling at $101.74 down by 29 cent. The Pound traded 90 cents lower at $184.56 buying and was 50 cents higher in the selling rate of $187.20 for each pound.
Net International Reserves Down
J$ records gains
Trading levels on the forex market on Wednesday were in line with Tuesday’s trading as dealers bought the equivalent of US$31,964,036 compared to US$31,967,960 on Tuesday and sold the equivalent of US$32,324,584 versus US$32,689,906. Trading activity lead to the local currency gaining ground against the US dollar, it was mixed against the Canadian dollar and the Pound Sterling.
In US dollar trading dealers bought US$27,124,675 compared to US$26,541,282 on Tuesday as the buying rate for the US dollar fell 7 cents to $110.63 and sold US$29,947,593 versus US$28,962,746 on Tuesday with the rate closing 2 cents lower at $111.28.
The Canadian dollar buying rate rising 15 cents to end at $100.69 with dealers buying C$2,299,846 and selling C$960,758 with the rate declining by 13 cents to end at $101.80.
The Pound closed at $183.35 for the purchase of £1,512,515 with the rate rose by 66 cents while £765,366 was sold with the rate declining by 61 cents to $186.26.
Other currencies bought amounted to the equivalent of US$221,150 while selling accounted for the equivalent of $217,387.
Highs & Lows| The highest buying rate for the US dollar fell 10 cents to $111.55 but the lowest buying, highest selling rates remained unchanged at $90.18 and $115.56 respectively but the lowest selling increased by $18.42 to $108.60.
The highest buying rate for the Canadian dollar fell by 35 cents at $102.20, the lowest buying rates lost 17 cents to $80.30 but the highest selling rate fell a cent to $104 and lowest selling rate was down by 20 cents to $96.75.
The highest buying rate for the Pound gained $1 to $188 while the lowest buying rate was up just 4 cents to $148.40. The highest selling rate dropped by $1.49 to $189.77 while the lowest rose by 5 cents to $178.80.
J$ mixed against others
Trading on the forex market on Tuesday saw a decline from Monday’s trading level as dealers bought the equivalent of US$31,967,960 compared to US$43,234,907 on Monday and sold the equivalent of US$32,689,906 versus US$47,614,720. Trading activity lead to the local currency losing ground against the US dollar, gained against the Canadian dollar and was mixed against the Pound Sterling.
In US dollar trading dealers bought US$26,541,282 compared to US$37,845,669 on Monday as the buying rate for the US dollar was unchanged at $110.70 and sold US$28,962,746 versus US$41,244,634 on Monday with the rate closing 2 cents higher at $111.30.
The Canadian dollar buying rate fell by 24 cents to end at $100.69 with dealers buying C$1,790,819 and selling C$1,538,247 with the rate declining by 56 cents to end at $101.94.
The Pound closed at $183.35 for the purchase of £1,564,111 with the rate rose by 66 cents while £646,961 was sold with the rate declining by 61 cents to $186.26.
Other currencies bought amounted to the equivalent of US$1,197,883 while selling accounted for the equivalent of $1,235,556.
Highs & Lows| The highest buying rate for the US dollar fell 5 cents to $111.65 but the lowest buying, highest selling and the lowest selling rates remained unchanged at $90.18, $115.56 $90.18 respectively.
The highest buying rate for the Canadian dollar closed up by 5 cents at $102.55, the lowest buying rates lost 25 cents to $80.47 but the highest selling rate fell 6 cents to $104.01 and lowest selling rate was down by 30 cents to $96.95.
The highest buying rate for the Pound gained 30 cents to $187 while the lowest buying rate was up 29 cents to $148.36. The highest selling rate rose 37 cents to $191.26 while the lowest rose 35 cents to $178.75.
Remittance growth continues
Net remittances rose US$11 million or 7.8 percent in February this year over the similar period in 2013, ending at US$152 million. The growth in net remittance inflows reflected an increase in inflows and a contraction of outflows.
Gross inflows for the month amounted to US$168 million, an increase of US$8 million or 5.1 percent versus the corresponding month of 2013. The rise in total remittance inflows emanated from an increase of US$11 million in inflows through Remittance Companies. The increase in these flows was partly offset by a reduction of US$2.4 million in inflows from Other Remittances.
Net remittances for the two months to February this year was US$290 million, an increase of US$19 million or 7.0 per cent relative to 2013 and emanates from an increase in gross remittance inflows and a contraction in outflows.
For the review period, total remittance inflows amounted to US$327 million, an increase of US$12 million or 3.9 percent.
BOJ flushing out US$ hoarded by banks
Banks held back from selling all the foreign exchange purchased from the public in past two weeks, forcing the country’s central bank to intervene on three occasions in an attempt to flush out the excess funds. Banks hoarded the equivalent of $12 million up to Wednesday last week and at the close of trading on Thursday after Bank of Jamaica intervened, the surplus climbed to US$13.5 million. On Monday and Tuesday this week, US$8 million was added to the surplus from last week putting it at near $22 million. Thursday’s intervention by the central bank saw a net selling of only US$3.3 million leaving $19 million to come back into the system. It may take a few more days of selling by the central bank and a determination by them to flush out the rest. The central bank have not only sold funds to the market, they have out a range of open market instruments in the market to pull out Jamaican dollars as well as to attract US dollars from those wanting to place surplus funds for 4 or 5 years to yield between 5 and 5.50 percent.
Trading on the forex market on saw a rise from Wednesday’s levels as dealers bought the equivalent of US$42,107,395 compared to US$36,191,438 on Wednesday and sold the equivalent of only US$50,291,235 versus US$39,497,951 on Wednesday. Trading activity lead to the local currency gaining ground against the US and Canadian dollars but remained mixed against the Pound Sterling.
Dealers bought US$38,312,075 compared to US$30,528,721 bought on Wednesday as the buying rate for the US dollar rose by 15 cents to $110.87 and sold US$46,530,185 versus US$36,248,389 on Wednesday with the rate closing 2 cents lower at $111.24. The Canadian dollar buying rate fell by 24 cents to end at $100.83 with dealers buying C$1,360,463 and selling C$1,162,573 with the rate falling by 86 cents to end at $102.01. The Pound closed at $184.36 for the purchase of £1,432,783 with the rate declining by $1.25 while £1,206,987 was sold with the rate rising by $2.62 cents to $188.48. Other currencies bought amounted to the equivalent of US$175,431 while selling accounted for the equivalent of $649,918.
Highs & Lows| The highest buying rate for the US dollar fell by 15 cents to end at $111.35 but the lowest buying and the highest selling rates remained unchanged at $90.18 and $115.56 respectively but the lowest selling rate rose by $1.43 to $91.61.
The highest buying rate for the Canadian dollar put on 55 cents to $103, the lowest buying rate ended unchanged at $80.72. The highest selling rate rose by 5 cents to $104.39 and the lowest selling rate increased by $1.60 to $98.90.
The highest buying rate for the Pound dropped $1.92 to $185.98 while the lowest buying rate fell by 66 cents to $148.24. The highest selling rate rose by $1.36 to $191.10 while the lowest selling rate gained $1.60 to $181.
