Dealers sold US$7m more than bought – Wednesday

Trading in the Jamaican foreign exchange market saw dealers purchasing US$7 million less they sold on Wednesday, with the rate of the local dollar continuing to be eroded against the critical US dollar. The Jamaican dollar nevertheless gained against the Pound and the Canadian dollar.
The market closed with dealers buying the equivalent of US$34,649,112 and selling US$40,256,846, in contrast to US$35,269,451 purchased and US$41,196,078 sold on Tuesday.
In US dollar trading, dealers bought US$31,302,170 compared to US$32,440,716 on Tuesday, as the buying rate for the US dollar rose 45 cents to close at $122.91. A total of US$38,684,691 was sold versus US$39,691,937 on Tuesday with the selling rate rising 11 cents to $123.51. The Canadian dollar buying rate climbed 14 cents to end at $94.10 with dealers buying C$891,028 and selling C$679,332, at an average rate that slipped $1.59 to $95.77. The rate for buying the British Pound rose 49 cents to $176.09 for the purchase of £1,790,583, while £630,659 was sold, as the rate fell $1.60 to $177.46.
At the end of trading, the selling rate for Euro, climbed 30 cents to close at J$142.13, from Tuesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$141.04 for a fall of 8 cents from Tuesday’s rate. The US dollar equivalent of other currencies traded amounts to US$99,484 being bought, while US$139,307 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates for the Jamaican dollar against the main currencies on Wednesday are, a rise of $18.98 in the lowest selling rate of the US dollar to end at $119.35, a fall of $1 in the highest buying rate of the Canadian dollar to end at $97.50 and an increase of $3.10 in the lowest selling rate to $90.30, a rise of $3.46 in the highest buying rate for the British Pound to end at $184.46, a fall of $2.59 in the highest selling rate to $184.79 and a rise of $3 in the lowest selling rate to $171.