Jamaican$ at record low – Wednesday

the Jamaican dollar crossed over the 123 level to the US dollar in trading in the foreign exchange market on Wednesday to a record low of $123.11 as the Jamaican dollar declined against the three majors, the trade against, compared to the closing rates on Tuesday. The market closed with dealers buying the equivalent of US$40,752,667 and selling US$33,016,027, in contrast to US$37,190,702 purchased and US$42,292,086 sold on Tuesday.
In US dollar trading, dealers bought US$33,016,150 compared to US$31,194,045 on Tuesday, as the buying rate for the US dollar rose 21 cents to close at $122.16. A total of US$31,727,298 was sold versus US$35,486,211 on Tuesday, that did not prevent the selling rate from rising 22 cents to $123.11. The Canadian dollar buying rate declined by $2.59 to end at $94.09 with dealers buying C$912,746 and selling C$640,401, at an average rate that fell $2.60 to $97.35. The rate for buying the British Pound climbed 44 cents to $176.76 for the purchase of £1,651,764, while £495,529 was sold, as the rate slipped $1.04 to $178.57.
At the end of trading, the selling rate for Euro, rose 71 cents to close at J$138.96, from Tuesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$135.83 for a rise of 47 cents from Tuesday’s rate. The US dollar equivalent of other currencies traded was an unusually large amount of US$4,643,557 being bought, while US$63,620 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates for the currencies on Wednesday are, a fall of $3 in the lowest selling rate of the Canadian dollar to end at $88, a rise of $1.12 in the lowest buying rate for the British Pound to $142.76 and a fall of $3 in the lowest selling rate to $167.