J$ drops below $128 to US$

The Jamaica dollar slipped below $128 to purchase one US dollar in foreign exchange trading on Tuesday for the first time since 2016.
At Midday, the selling rate of the US dollar dipped as low as $127.78, with US$17.7 million being sold but clawed its way to $127.97 at the close of trading after dealers sold US$46.05 million, up from US$43.84 on Friday at a $128.22. US currency purchases, accounted for US$48.11 million on Tuesday at an average rate of $127.01 compared to Friday at US$33.81 million at $127.23.
Inflows of all currencies into Jamaica’s forex market fell to US$58.13 million on Tuesday, from US$48.73 million on Friday while Dealers sold US$52.98 million versus US$56.08 million, previously.
The selling rate for the Canadian dollar fell to J$102.78 from J$103.15 at the close on Friday. The British Pound inched up to J$168.87 for buying the British currency versus J$168.83 on Friday and the euro rose in value against the Jamaican dollar, to J$151.61 to buy the European common currency, versus J$150.87 previously.