A net increased inflows of foreign currency entered the Jamaican foreign exchange market on Wednesday, leading to the value of the Jamaican dollar gaining 9 cents against the United States dollar. At the close, the United States currency was being sold at an average of J$128.30, down from J$128.39 on Tuesday.
In Wednesday’s trading on foreign currency market dealers bought the US currency at an average of J$127.53, up slightly from JS$127.52 previously. Dealers bought the equivalent of US$15 million more funds than they sold, up from US$8 million on the prior trading day bring the surplus for the week to US$37 million.
Dealers purchased US$47.87 million and sold US$32.54 million, of all currencies on Wednesday. On Tuesday, US$47.77 million entered the market and US$39.4 million was sold to the public.
In USA dollar trading, inflows into the system ended at US$41.3 million versus US$42.4 million on Tuesday, while selling amounted to US$27.9 million versus US$33.2 million on Tuesday.
The selling rate for the Canadian dollar rose to J$100.04 from J$99.73 at the close on Tuesday, while the British Pound cost less at the close on Wednesday, with J$164.23 buying the British currency versus J$165.86 on Tuesday and the Jamaican dollar jumped in value against the euro, with it taking J$146.28 to buy the European common currency on Wednesday versus Tuesday’s rate of J$149.03.
