Forex trading drops on Thursday

Trading volumes declined sharply in the Jamaica foreign currency market on Thursday, but the average trading rate against the US dollar fell, with inflows of US$27.57 million of all currencies and sale of US$34.96 million.
On Wednesday, the market closed with the equivalent of US$34.93 million bought by dealers of all currencies, while they sold US$54.24 million.
The Jamaica dollar gained modestly in value against the US dollar, at the close of foreign currency trading, with dealers selling US$31.29 million for 8 cents less than on Wednesday with the US dollar selling rate closing at J$125.37, compared to J$125.45 in the sale of $49.50 million at the close, on Wednesday. Purchases of the US currency by dealers, amounted to just US$23.18 million, with the average rate falling 8 cents to $123.65, compared to US$30.26 million, with the average rate of $123.73 on Wednesday.
At mid-day on Thursday dealers purchased US$7.34 million at an average rate of J$124 and sold $9.8 million at an average of J$125.37. At mid-day on the previous trading day, dealers purchased US$13.17 million at an average rate of J$124.42 and sold $15.78 million at an average of J$125.54.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, inched up to J$99.57 from J$99.54 at the close on Wednesday. The selling rate for the British Pound rose to J$178.11 from J$177.61 previously and the euro declined versus the Jamaican dollar to J$156.55 to buy the European common currency, versus the prior selling rate of J$158.54.

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