Forex inflows drop to US$30M – Monday

Trading in the Jamaican foreign exchange market on Monday resulted inflows of US$30.45 million in contrast to US$47.01 million on Friday and outflows of US$27.05 million compared to US$39.89 million of all currencies previously.
Approximately, 25 percent of the intake is to be surrendered by dictate to Bank of Jamaica and would amount to $7.6 million, which is well short of the net inflows of $4 million.
In USA dollar trading, inflows ended at US$25.6 million versus US$38.25 million on Friday with outflows of US$24.65 million compared to US$30.84 million.
The value of the Jamaican dollar rose in value against the US dollar, with the selling rate ending at J$128.40 from J$128.55 previously. Dealers bought the US currency at an average of J$127.01, versus J$127.38 on Friday.
The selling rate for the Canadian dollar climbed to J$101.85 from J$101.83 at the close on Friday while the British Pound was less costly at the close, with J$165.57 buying the British currency versus J$166.34 and the euro, declined in value against the Jamaican dollar, with it taking J$150.48 to buy the European common currency, versus J$150.77 previously.