Wednesday, 16th October 2013 | Today was more of the same, like the last few days when the amount of foreign exchange bought by dealers exceeded the amount sold. On only one of those days, the amount of US dollar currency bought was marginally less than the amounts sold. Withstanding this trend, the rate for selling the US dollar has risen on every occasion.
In Wednesday’s trading with $23.2 million of purchases and $20.2 million of sales, the selling rate for the US dollar climbed by 4 cents to $104.90 and the buying rate rose by 11 cents to $104.14. The rates for both the Canadian and the Pound have been fluctuating and in today’s trading buying accounted for C$926,032 at a buying rate that was lower by 12 cents to end at $99.40 while selling was for C$426,759 at a rate that was 39 cent up at $101.32. For the Pound, buying accounted for £1.90 million at a rate that was $1.08 more costly at $166.40 and selling was 84 cents more than on Tuesday at $169.03 for £1.11 million.
The total amount of foreign currency bought was US$27,251,224 with selling accounting for US$22,683,877.
Rates for exchanging Jamaican dollars for foreign currencies differ quite markedly from the official rates, as dealers bought the US dollar as high as $106.80, at 50 cents higher than on Tuesday, and as low as $85 but they sold unchanged as high as $108.93 and as low as $101.80, up by $16.84 on the day.
The Canadian dollar and the Pound sterling saw a mix of rates with most falling, the highest rate the Canadian was bought at, rose 15 cents to $102.50 and that of the Pound was up 80 cents at $170.40. Meanwhile, the lows for buying fell 75 cents for the Canadian at $80.47 and the pound at $133.67 down 21 cents. Selling took place as high at 70 cents lower for the Canadian, at $103.74 and as low as $96.95, just 5 cents down. Selling of the British Pound was as 27 cents down at $172.32 at the high and the low was 25 down at $161.05.
