FX dealers stock falls to US$23M

The foreign exchange market closed on Wednesday with dealers selling the equivalent of US$2 million more than the amount they bought in all currencies, cutting the surplus purchased in the last eight days to just under US$23 million, with the amount bought by dealers bringing in US$36,409,528 while they sold US$38,432,327, compared to US$41,291,337 purchased and US$48,935,256 sold on Tuesday.
In US dollar trading, dealers bought US$34,179,993 compared to US$37,461,931 on Tuesday as the buying rate for the US dollar rose 4 cents to $125.74. A total of US$37,284,442 was sold versus US$46,552,628 on Tuesday with the selling rate rising by 12 cents to end at $126.47. The Canadian dollar buying rate dropped by $1.74 to end at $93.60 with dealers buying C$712,347 and selling C$774,494, at an average rate that dropped 6 cents to $96.89. The average rate for buying the British Pound fell $2.32 to $160.85 for the purchase of £1,004,680, while a mere £146,197 was sold, with the rate dropping $3.13 to $162.87.
At the end of trading, the selling rate for Euro, declined 28 cents to close at J$140.36 from Tuesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$137.54, for a fall of 3 cents from Tuesday’s rate. The US dollar equivalent of other currencies traded amounts to US$414,085 being bought, while US$366,269 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates for the Jamaican dollar in the foreign exchange market on Wednesday include, a sharp fall of $18.55 in the lowest selling rate of the US dollar to close at $102.95, a rise of $1.70 in in the lowest selling rate of the Canadian Dollar to $93.20. The highest buying rate of the British Pound fell $2.10 to $166, the highest selling rate dropped $8.28 to close at $171.72 while the lowest selling rate slipped $3 to end at $153.