FX flows jump sharply on Friday

Trading of foreign currencies in Jamaica’s foreign exchange market jumped on Friday with US$74 million flowing in and US$71 million going out, but the rate for the Jamaican dollar slipped against the US. At the close of trading, the equivalent of US$74,102,619 was bought by dealers, compared with US$33,692,403 on Thursday, while they sold the equivalent of US$70,842,428 versus US$37,640,407 previously.
In US dollar trading , dealers bought US$70,625,695 compared to US$30,282,760 on Thursday. The buying rate for the US dollar gained 24 cents to $119.70 and US$69,232,581 was sold versus US$35,351,886 on Thursday, the selling rate rose 2 cents at $119.94. The Canadian dollar buying rate lost 85 cents to end at $87.26 with dealers buying C$1,171,319 and selling C$513,725, at an average rate that fell 84 cents to $88.73. The rate for buying the British Pound fell 81 cents to $180.12 for the purchase of £1,678,301, while £661,219 was sold, with the rate falling 94 cents to $182.29. At the end of trading, it took J$128.59 to purchase the Euro, rose $1.16 from Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$126.34 for a rise of $1.21 from Thursday’s rate. The US dollar equivalent of other currencies traded, amounts to US$97,601 being bought, while US$224,784 was sold.
Highs & Lows| On Friday, the highest buying rate for the US dollar lost 8 cents to $120.12, the lowest buying, the highest and the lowest selling rates remained at $98.57, $126.31 and $98.57 respectively. The highest buying rate for the Canadian dollar declined 50 cents to end at $89.75, the lowest buying rate rose 8 cents at $71.88, the highest selling rate rose 11 cents to $92.66 and the lowest selling rate ended unchanged at $86. The highest buying rate for the British Pound, dropped $2 to end at $182. The lowest buying rate closed 58 cents higher at $145.83, the highest selling rate dropped $1.01 to $185.63 and the lowest selling rate rose $1 to end at $176.