Forex inflows falls to US$43.5M – Wednesday

Trading in the Jamaican foreign exchange market on Wednesday resulted inflows of US$43.52 million in contrast to US$53.68 million on Tuesday and outflows of US$32.38 million compared to US$37.34 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 $11 million, which is line with the net inflows of $11 million.
In USA dollar trading, inflows ended at US$38.58 million versus US$47.98 million on Tuesday with outflows of US$27.58 million compared to US$33.04 million.
The value of the Jamaican dollar fell in value against the US dollar, with the selling rate ending at J$128.49 from J$128.23 previously. Dealers bought the US currency at an average of J$127.32, versus J$127.22 on Tuesday.
The selling rate for the Canadian dollar slipped to J$101.54 from J$101.82 at the close on Tuesday while the British Pound was slightly less costly at the close, with J$165.40 buying the British currency versus J$165.60 and the euro, gained in value against the Jamaican dollar, with it taking J$151.97 to buy the European common currency, versus J$151.80 previously.