Jamaican$ makes more gains – Monday

The Jamaican dollar strengthened further against the US dollar in foreign exchange trading on Monday, with it taking 4 cents less to buy the US dollar than on Friday.
The major news of the day was the sell-off of the Canadian dollar with dealers selling Can$21.36 million but at a higher rate than at the close of Friday, compared to just Can$3.6 million bought on Monday.
On Monday, the rate of exchange to buy the US dollar by the public, dropped to $126.30 as dealers sold US$44.52 million of the US dollar, compared to US$28.17 million at an average rate of $126.34 on Friday.
US currency purchases amounted to US$48.63 million on Monday, at an average rate of $125.45, compared to Friday, with US$35.34 million at $125.46.
Dealers’ purchased US$53.35 million, versus US$43.45 million on Friday in all currencies in Jamaica’s forex market and sold US$62.52 million compared with US$34.28 million sold, previously.
At Midday, dealers bought just US$27.48 million at J$125.99 and sold US$13.66 million at J$126.23 compared to the purchase of US$6.7 million at J$125.60 and selling of US$8.9 million at J$126.21 on Friday
The selling rate for the Canadian dollar rose to J$99.90 from J$99.50 at the close on Friday. The selling rate for the British Pound climbed to J$168.14 versus J$167.32 previously and the euro gained in value against the Jamaican dollar, jumping to J$152.44 to buy the European common currency, versus prior selling rate of J$148.92.