From 77 cents to J$119 to US

On January 1973 it took only 77 Jamaican cents to buy one United States dollar, roughly 43 years later it now requires an average of 119 of the local currency to purchase one US dollar. A technical assessment of the currency movement suggests that the fall in the value could be coming to an end sooner than later.
Having being trading at 77 Jamaican cents to the US dollar for a number of years, by the January 10, 1973, the Jamaican dollar was devalued by 15 percent to 91 cents to one US dollar. On the January 13, 1978 the official rate had moved to $1.05, by May 10 the rate ended at $1.55 and ended at $1.69 on the last day of the year. On May 2, 1979 the rate moved to $1.78 where it stayed until November 1983, at which stage the rate moved to $3.15. By 1985 the rate climbed to $5.50 and to $6.50 by the end of 1989, taking 365 percent more Jamaican dollars to buy the US dollar, since 1983. Ten years later in 1999, the rate reached $41.42, requiring 637 percent more local currency to but one US dollar than ten years before and by the end of 2009 it moved to $89.60, requiring just over twice the amount of Jamaican dollars for exchange for one US dollar and at the end of trading on Friday surpassed J$119 to 1 US dollar for the first time, requiring 33 percent more Jamaican dollars to purchase the US dollar, than at the end of 2009.
Trading ended Friday with the equivalent of US$32,449,484 bought by dealers, compared with US$53,172,006 on Thursday, while they sold the equivalent of US$29,004,619, versus US$58,244,225 previously. In US dollar trading , dealers bought US$30,260,875 compared to US$50,560,723 on Thursday. The buying rate for the US dollar fell 20 cents to $118.45 and US$27,678,764 was sold versus US$56,905,545 on Thursday, the selling rate rose 4 cents to close at $119.02. The Canadian dollar buying rate added 16 cents to $86.92, with dealers buying C$849,774 and selling C$480,605, at an average rate that lost 60 cents to $88.55. The rate for buying the British Pound dropped $1 to $178.09 for the purchase of £965,327, while £529,965 was sold, at an average rate that rose 64 cents to end at $181.41. At the end of trading, it took J$134.31 to purchase the Euro, with a jump of $1.73 on Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$131.93, for a rise of $2.06 from Thursday’s rate. The US dollar equivalent of other currencies traded, amounts to US$113,653 being bought, while US$160,542 was sold.
Highs & Lows| The highest buying rate for the US dollar dropped $1.38 on Friday to $119.12, the lowest buying rate gained 16 cents to $97.44, the highest selling rate ended 21 cents higher at $124.87 while the lowest selling rate dived $1.74 lower to $97.45. The highest buying rate for the Canadian dollar rose 69 cents to $89.69, the lowest buying rate dipped $1.03 to $70.43, the highest selling rate climbed 13 cents to end at $91.53 and the lowest selling rate rose 50 cents to $85.50. The highest buying rate for the British Pound, added 12 cents to end at $181.50, the lowest buying rate slipped 12 cents to $145.46, the highest selling rate climbed $1.72 to $187.52 and the lowest selling rate dropped 40 cents to $175.