Jamaica’s FX trading rose sharply

The amounts of foreign currencies traded by dealers during the past week jumped sharply over the prior week as dealers bought US$239 million in all currencies, up from US$192 million bought in the previous week.
Dealers sold US$240 million, compared to US$197 million in the prior week. Actual US dollar purchases by dealers amounted to US$211 million up from US$164 million in the prior week and they sold US$222 million compared to US$172 million.
The market closed with inflows of all currencies, ending at US$32.29 million, versus US$47.9 million on Thursday and dealers sold US$39.25 million in contrast to US$39.19 million, in previous trading.
In US dollar trading, dealers sold US$367.73 million at a rate that rose 4 cents to J$125.28 at the close, compared to US$36.98 million at J$125.24 at the close, on Thursday. Purchases of the US currency by dealers, amounted to US$28.76 million, with the average rate dropping 36 cents to $123.75, compared to US$43.53 million, with the average rate rising 10 cents to $124.11 on Thursday
At mid-day on Friday dealers purchased US$12.16 million at an average rate of J$124.45 and sold $15.18 million at an average of J$125.32. At mid-day on the previous trading day, dealers purchased US$15.84 million at an average rate of J$124.42 and sold $10.57 million at an average of J$125.23.
The Jamaican dollar closed trading on the foreign exchange on Friday with losses against the other main currencies it usually trades against, with the selling rate for the Canadian dollar, rising to J$98.67 from J$98.32 at the close on Thursday. The selling rate for the British Pound increased to J$177.27 from J$176.49 previously and the euro climbed against the Jamaican dollar to J$156.62 to buy the European common currency, versus the prior selling rate of J$154.85.

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