The selling rate of US dollar rose against the Jamaican dollar by 52 cents on Wednesday and the rate dealers bought US dollars for being 82 cents more than the closing rate on the previous trading day.
Bank of Jamaica sold US$20 million into the system by way of their BFXITT auction which was not previously publicly announced. The auction attracted bids for US$53.8 million at rates between J$127.90 for $1 million and a high of J$130 for $2 million. The previous auction was at the end of November last year.
On Wednesday, inflows of all currencies, totaled US$55.40 million, versus US$43.67 million on Tuesday with the selling of US$44.32 million in contrast to US$43.99 million previously traded.
In US dollar trading, dealers sold US$42.29 million at an average of J$128.70, at the close, compared to US$42.37 million at an average of J$128.18 on Tuesday. Purchases of the US currency by dealers, amounted to US$53.39 million at an average of $127.88 at the close, compared US$38.98 million at an average of $127.06.
At mid-day on Wednesday dealers purchased US$27.30 million at an average rate of J$128.80 and sold US$15.37 million at an average of J$129.08. At mid-day on Tuesday dealers purchased US$14.3 million at an average rate of J$126.89 and sold US$16.19 million at an average of J$127.89.
The selling rate on Wednesday, for the Canadian dollar rose to J$98.35 from J$97.52 at the close on Tuesday, the selling rate for the British Pound rose to J$178.59 from J$177.97 previously and the euro gained against the Jamaican dollar at J$159.28 to buy the European common currency, versus the prior selling rate of J$158.66.
Jamaican$ suffers sharp fall on Wednesday
March 7, 2018 by