Forex inflows drop to US$33M – Thursday

Trading in the Jamaican foreign exchange market on Thursday resulted much lower inflows of US$32.94 million in contrast to US$43.52 million on Wednesday and outflows of US$32.74 million compared to US$32.38 million of all currencies previously.
Approximately, 25 percent of the intake is surrendered by dictate to Bank of Jamaica and would amount to $8 million based on Thursdays trading.
In USA dollar trading, inflows ended at US$27.59 million versus US$38.58 million on Wednesday with outflows of US$26.19 million compared to US$27 million.
The value of the Jamaican dollar fell in value against the US dollar, with the selling rate ending at J$128.51 from J$128.49 previously. Dealers bought the US currency at an average of J$127.15, versus J$127.32 on Wednesday.
The selling rate for the Canadian dollar rose to J$101.69 from J$101.54 at the close on Wednesday while the British Pound was less costly, with J$164.96 buying the British currency versus J$165.40 and the euro, receded in value against the Jamaican dollar, with it taking J$149.92 to buy the European common currency, versus J$151.97 previously.