Trading in the Jamaican foreign exchange market on Wednesday resulted in the Jamaican dollar declining in value against the US dollar, following Tuesday’s decline with the selling rate ending at J$129.33 from J$128.77 previously, even as inflows rose over Tuesday’s intake.
Dealers bought the US currency at an average of J$128.16, versus J$127.36 on Tuesday. Trading ended with inflows of US$45.12 million compared to US$38.41 million on Tuesday with Bank of Jamaica is entitled to approximately 25 percent of the inflows or around $10 million of Wednesday’s intake. Outflows amounted to only US$45.80 million compared to US$35.70 million of all currencies on the prior trading day.
In USA dollar trading, inflows ended at US$39.70 million versus US$31.76 million on Tuesday with outflows of US$37.91 million compared to US$26.33 million.
The selling rate for the Canadian dollar fell to J$103.71 from J$104.44 at the close on Tuesday while the British Pound was more costly, with J$167.53 buying the British currency versus J$167.23 and the euro, rose in value against the Jamaican dollar, with it jumping to J$157.24 to buy the European common currency, versus J$156.41 previously.
Jamaican$ drops to J$129.33 to US$1
August 30, 2017 by
