Jamaican$ loses value – Tuesday

Trading in the foreign exchange market resulted in the Jamaican dollar losing value on Tuesday as inflows were much lower than outflows by US$14 million, effectively wiping out the Monday’s surplus. The market closed with dealers buying the equivalent of US$34,059,616 and selling US$47,980,165, in contrast to US$59,647,969 purchased and US$44,608,557 sold on Monday.
In US dollars trading, dealers bought US$31,025,556 compared to US$55,109,704 on Monday, as the buying rate for the US dollar rose 1 cent to end at $121.36. A total of US$46,508,983 was sold versus US$42,655,499 on Monday, the selling rate rose 7 cents to $122.03. The Canadian dollar buying rate dipped 61 cents to end at $89.54 with dealers buying C$1,107,114 and selling C$770,035, at an average rate that rose 34 cents to $92.78. The rate for buying the British Pound fell 57 cents at $169.88 for the purchase of £1,204,645, while £445,155 was sold, as the rate rose 52 cents to $172.46. At the end of trading, the selling rate for Euro, rose 35 cents to close at J$138.81, from Monday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$136.04 for a rise of 44 cents on Monday’s rate. The US dollar equivalent of other currencies traded, amounts to US$530,969 being bought, while US$256,601 was sold.
strong>Highs & Lows| Notable changes to the highest and lowest rates the currencies traded at on Tuesday are, a rise of $4.19 in the lowest buying rate of the US dollar to $103.97, a fall of $1.19 in the highest selling rate to $127.87 and jump of $18.22 in the lowest selling rate of $118. The lowest buying rate of the Canadian dollar rose by $4 to $78.04. The lowest buying rate for the British Pound jumped by $6.68 to $145.12 and the highest selling rate falling $2.67 to end at $177.47.