Jamaican$ lost ground to US – Tuesday

The Jamaican foreign exchange market remained buoyant on Tuesday, with more $43 million entering the market, but the rate of the Jamaican dollar slipped moderately against the US dollar and the British pound, with the latest selling rate for the US rising to $120.10. The local currency made gains on the Canadian dollar.
Funds purchased by dealers were below the amounts sold by $3.6 million. The equivalent of US$43,508,060 was purchased and the equivalent of US$47,115,930 sold, compared with US$54,650,382 they purchased and US$55,741,013 sold on Monday.
Demand for the US dollar , exceeded the amounts purchased by dealers by US$4.8 million with dealers buying US$39,170,370 compared to US$51,011,470 on Monday. The buying rate for the US dollar fell 11 cents to $119.48. A total of US$44,984,754 was sold versus US$53,616,142 on Monday, the selling rate moved up by 7 cents to $120.10. The Canadian dollar buying rate rose 2 cents to end at $85.89 with dealers buying C$1,425,785 and selling C$747,774, at an average rate that declined by 73 cents to $87.45. The rate for buying the British Pound climbed by 83 cents to $177.66 for the purchase of £2,007,951, while £671,544 was sold, with the rate gaining 53 cents to $179.01. At the end of trading, it took J$130.27 to purchase the Euro, a fall of 43 cents from Monday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$127.84 for a decline of 32 cents from Monday’s rate. The US dollar equivalent of other currencies traded, amounts to US$327,015 being bought, while US$585,694 was sold.
Highs & Lows| The highest buying rate for the US dollar, rose by 10 cents to $120.40, the lowest buying rate put on 4 cents to $98.70, the highest selling rate gained 5 cents to $126.47 and lowest selling rate jumped $1.94 to $100.60. The highest buying rate for the Canadian dollar dropped $1.15 to end at $88.35, the lowest buying rate ended 41 cents lower at $70.97, the highest selling rate fell 64 cents to $91.38 and the lowest selling rate jumped $10.66 to $83.50. The highest buying rate for the British Pound, fell $1.20 to end at $180.30. The lowest buying rate fell 25 cents to $145, while the highest selling rate lost 32 cents to end at $186.93 and the lowest selling rate declined by $2.15 to $171.85.