J$ edges closer to $117 to the US

The Jamaican dollar lost ground on Wednesday against the US dollar as it edges close to J$117 and the Pound but gained on the Canadian dollar.The Jamaican dollar which started the year at $114.66 to the US dollar has so far lost nearly 2 percent, with inflation at roughly zero, the currency has gained a bit in competitiveness this year as well as since October last year with negative inflation between then and December.
Dealers bought the equivalent of US$30,175,916 compared with US$33,052,701 on Tuesday, while they sold the equivalent of US$36,534,605 versus US$35,474,277 previously.
In US dollar trading, dealers bought US$26,945,527 compared to US$29,480,545 on Tuesday. The buying rate for the US dollar increased 3 cents to $116.11 and US$33,784,230 was sold versus US$32,534,666 on Tuesday, the selling rate rose 10 cents to $116.80. The Canadian dollar buying rate fell 3 cents to $92.67 with dealers buying C$1,157,439 and selling C$845,699, at an average rate that fell 5 cents to $94.70. The rate for buying the British Pound lost 97 cents to $180.87 for the purchase of £1,179,293, while £657,132 was sold, at an average rate that rose 3 cents to $183.83. At the end of trading, it took J$130.51 to purchase the Euro, $2.43 less than on Tuesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$127.87 for $2.30 less than Tuesday’s rate. Other currencies bought, amounted to the equivalent of US$469,585, while the equivalent of US$1,030,411 was sold.
Highs & Lows| The highest buying rate for the US dollar fell 5 cents to $117.10, the lowest buying and the highest selling rates remained at $95.61 and $122.52 respectively, but the lowest selling rate dropped $18.39 to $95.61. The highest buying rate for the Canadian dollar declined 90 cents to $94.60, the lowest buying rate ended 58 cents lower at $74.95. The highest selling rate was down 60 cents to $97.40 and the lowest selling rate climbed $1.20 to $91.80. The highest buying rate for the British Pound, remained at $184, the lowest buying rate fell 83 cents to $147.74, with the highest selling rate rising $2.81 to $190.46 and the lowest selling rate climbed $1 to $180.