FX demand rises J$ falters Wednesday

Demand for foreign currency climbed on Wednesday with US$43 million being purchased by the public and resulted in a slight decline for the Jamaican dollar against all the three main currencies the Jamaican dollar usually trades against. The purchase of all currencies by dealers amounted to the equivalent of US$40,851,340 compared with US$25,499,013, on Tuesday and selling, the equivalent of US$44,427,944 versus sale of US$29,260,764, previously.
In US dollar trading, dealers bought US$38,957,982 compared to US$24,763,312 on Tuesday. The buying rate for the US dollar rose 18 cents to $115.72 and US$42,974,812 was sold versus US$23,550,793 on Tuesday, the selling rate increased by 3 cents to $116.11. The Canadian dollar buying rate declined 88 cents to $92.36 with dealers buying C$466,971 and selling C$524,583, at an average rate that rose 38 cents to $95.25. The rate for buying the British Pound fell 59 cents to $177.87 for the purchase of £931,844, while £623,692, was sold, at an average rate that rose 5 cents to $179.87. At the end of trading it took J$129.17 to purchase the Euro, $2.78 less than on Tuesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$126.64 for a fall of $3 on Tuesday’s rate. Other currencies bought, amounted to the equivalent of US$88,288, while the equivalent of US$56,655, was sold.
Highs & Lows| The highest buying rate for the US dollar, rose 8 cents to $116.30. The lowest buying, the highest and the lowest selling rates were unchanged at $94.98, $121.71 and $94.77 respectively. The highest buying rate for the Canadian dollar fell 50 cents to $94.80. The lowest buying rate was down 67 cents to $75.36, the highest selling rate slipped $1.10 to $98 and the lowest selling rate rose 70 cents to $92. The highest buying rate for the British Pound, declined $1.50 to $180.30, the lowest buying rate dropped $1.45 to $144.63, the highest selling rate climbed $2.30 to $186.45 with the lowest selling rate being unchanged at $175.50.