Jamaican $120.03 to US holds – Monday

More funds flowed into the Jamaican foreign exchange market on Monday than on Friday, with the rate of the Jamaican dollar holding against the US dollar, with the latest selling rate for the US remaining at $120.03. The local currency made gains on the British pound and the Canadian dollar.
Funds purchased by dealers were below the amounts sold by $1 million with the equivalent of US$54,650,382 being purchased and the equivalent of US$55,741,013 sold, compared with US$38,210,272 they purchased and US$32,468,928 sold on Friday. One week ago on Monday November 30, dealers bought $44.6 million and sold US41.4 million equivalent.
Demand for the US dollar , exceeded the amounts purchased by dealers by US$2.6 million with dealers buying US$51,011,470 compared to US$34,482,286 on Friday. The buying rate for the US dollar gained 9 cents to $119.59 and US$53,616,142 was sold versus US$30,528,147 on Friday, the selling rate remained at $120.03, The Canadian dollar buying rate fell $1.09 to end at $85.87 with dealers buying C$1,869,227 and selling C$1,085,803, at an average rate that declined by $1.06 to $88.18. The rate for buying the British Pound declined by 94 cents to $176.83 for the purchase of £1,264,655, while £483,586 was sold, with the rate falling 84 cents to $178.48. At the end of trading, it took J$130.70 to purchase the Euro, a climb of 49 cents from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$128.16 for a rise of 62 cents from Friday’s rate. The US dollar equivalent of other currencies traded, amounts to US$426,901 being bought, while US$608,134 was sold.
Highs & Lows| The highest buying rate for the US dollar, the lowest buying and the highest selling rates were unchanged at $120.30, $98.66 and $126.42 respectively but the lowest selling rate dropped sharply by $18.34 to $98.66. The highest buying rate for the Canadian dollar dropped 30 cents to end at $89.50, the lowest buying rate ended unchanged at $71.38, the highest selling rate fell 98 cents to $92.02 and the lowest selling rate dived $12.16 to $72.84. The highest buying rate for the British Pound, rose 50 cents to end at $181.50. The lowest buying rate gained 41 cents to $145.25, while the highest selling rate climbed by $2.26 to $187.25 and the lowest selling rate rose by 50 cents to $174.