Jamaican$ recovers from B-Fxitt effect – Thursday

The Jamaica dollar recovered on Thursday from some of the losses suffered when dealers sold US dollars to Bank of Jamaica in the B-FXITT auction that helped to push up the selling rate on Wednesday.
Inflows of all currencies amounted to the equivalent US$34.79 million compared to US$38.04 million on Wednesday and sold US$31.28 million compared to US$55.58 million, including the amount sold to Bank of Jamaica on Wednesday.
At the close of foreign currency trading, dealers sold US$27.16 million, for 16 cents less than on Wednesday with the US dollar selling rate closing at J$125.57, compared to J$125.73 in the sale of US$52.03 million on Wednesday. Purchases of the US currency by dealers, amounted to US$32.90 million, with the average rate climbing 26 cents to $124.30, compared to US$32.44 million, with the average rate of $123.94 on Wednesday.
At mid-day on Thursday dealers purchased US$12.17 million at an average rate of J$124.70 and sold $7.66 million at an average of J$125.49. At mid-day on the previous trading day, dealers purchased US$14 million at an average rate of J$124.51 and sold $18.42 million at an average of J$125.38.
The Jamaican dollar closed trading, with the selling rate for the Canadian dollar, jumped to J$101.70 from J$97.54 at the close on Wednesday. The selling rate for the British Pound declined to J$173.57 from J$174.67 previously and the euro fell versus the Jamaican dollar to J$152.63 to buy the European common currency, versus the prior selling rate of J$154.27.