Forex inflows jump to US$54M – Tuesday

Trading in the Jamaican foreign exchange market on Tuesday resulted inflows of US$53.68 million in contrast to US$30.45 million on Monday and outflows of US$37.34 million compared to US$27.05 million of all currencies previously.
Approximately, 25 percent of the intake is surrendered by dictate to Bank of Jamaica and would amount to $13 million, which is more than the percentage of the net inflows equal to $16 million.
In USA dollar trading, inflows ended at US$47.98 million versus US$25.6 million on Monday with outflows of US$33.04 million compared to US$24.65 million.
The value of the Jamaican dollar rose in value against the US dollar, with the selling rate ending at J$128.23 from J$128.40 previously. Dealers bought the US currency at an average of J$127.22, versus J$127.01 on Monday.
The selling rate for the Canadian dollar slipped to J$101.82 from J$101.85 at the close on Monday while the British Pound was slightly more costly at the close, with J$165.60 buying the British currency versus J$165.57 and the euro, gained in value against the Jamaican dollar, with it taking J$151.80 to buy the European common currency, versus J$150.48 previously.