Grand US$ sell off continues on Wednesday

Trading in the foreign exchange on Wednesday was heavier than the large volumes going through the market on Monday and Tuesday as dealers continue to sell off excess US dollars.
The market closed with inflows of all currencies, ending at US$66.33 million, versus US$56.40 million on Tuesday. Dealers sold US$60.51 million in contrast to US$61.03 million, previously.
The buying and selling rates continue to fall in US dollar trading. The rate to buy the US dollar fell against the Jamaican dollar by 25 cents while the buying rate by dealer was down by 6 cents.
In US dollar trading, dealers sold US$56.68 million at a rate of J$126.08 at the close, compared to US$50.24 million at a rate of J$126.33 on Tuesday. Purchases of the US currency by dealers, amounted to US$61.86 million at an average of $125.19, compared to US$43.96 million at an average of $125.25 on Tuesday.
At mid-day on Wednesday,  dealers purchased US$18.4 million at an average rate of J$125.63 and sold US$16.6 million at an average of J$125.96. At mid-day on Tuesday dealers purchased US$14.77 million at an average rate of J$125.53 and sold US$15.72 million at an average of J$126.18.
The selling rate on Wednesday, for the Canadian dollar slipped to J$98.20 from J$99.02 at the close on Tuesday, the selling rate for the British Pound increased to J$177.21 from J$178.38 previously and the euro fell against the Jamaican dollar to J$156.64 to buy the European common currency, versus the prior selling rate of J$156.73.