Trading in the foreign exchange trading on Thursday declined sharply from Wednesday’s levels by more than 50 percent as just US$25 million flowed into the market and US$27 million was sold of all currencies.
The flows are by far the lowest amounts for November to date, with the previous low being Friday the 10th with inflows of US$40 million and outflows of US$46 million.
On Thursday the Jamaican dollar decline in value in the foreign exchange trading, with the rate of exchange to buy the US dollar by the public, inching higher to $126.54 as dealers sold US$25.95 million of the US dollar, compared to US$39.17 million at an average rate of $126.52 on Wednesday.
US currency purchases amounted to US$23.03 million on Thursday, at an average rate of $125.27 compared to Wednesday, with US$39.23 million at $125.58.
Dealers’ purchased US$24.92 million, versus US$51.30 million on Wednesday in all currencies in Jamaica’s forex market and sold US$26.96 million compared with US$50.64 million of all currencies sold previously.
At Midday, dealers bought just US$4.5 million at J$125.50 and sold US$2.9 million at J$126.45 compared to the purchase of US$18 million at J$126.07 and selling of US$10.9 million at J$126.44.
The selling rate for the Canadian dollar slipped to J$99.41 from J$99.63 at the close on Wednesday. The selling rate for the British Pound rose to J$168.40 versus J$167.19 on Wednesday and the euro gained value against the Jamaican dollar, rising to J$151.68 to buy the European common currency, versus J$149.50 previously.
Forex trading drops sharply on Thursday
November 23, 2017 by
