J$ rate lower than at 2016 year-end

Jamaica’s foreign exchange dealers sold US$33 million more US dollars than they purchased this week, adding to the US$35.5 million net sales in the prior week.
The selling pressured, the US dollar and resulted in a revaluation of the local currency to $128.22 for purchase of US$1, by end users, down from $129.09 at the close of the first week in October. The rate is now lower than for the last trading day of 2016 when it ended at J$128.44 to the US dollar.
Inflows of all currencies into Jamaica’s forex market fell to US$48.73 million on Friday, from US$51.81 million on Thursday while Dealers sold US$56.08 million versus US$56.89 million, previously.
US currency purchases, accounted for US$33.81 million on Friday at an average rate of $127.23 compared to Thursday at US$36.57 million at $127.58. Dealers sold US$43.84 million at an average rate of J$128.22 versus J$128.41 for US$42.52 million, previously.
The selling rate for the Canadian dollar fell to J$103.15 from J$103.36 at the close on Thursday. The British Pound declined to J$168.83 for buying the British currency versus J$169.33 on Thursday and the euro slipped in value against the Jamaican dollar, to J$150.87 to buy the European common currency, versus J$151.66 previously.