The Jamaican dollar made gains on Thursday, with the rate against the US dollar falling back below $130 after it surged earlier in the month to more than J$131 to the US.
Selling by Bank of Jamaica through the new weekly auction system of US$75 million since the last week in August seems to have met most of the demand so far. Inflows of all currencies into Jamaica’s forex market ended on Thursday at US$46.71 million down from Wednesday’s US$48.90 million, inclusive of the BOJ auction sale of US$10 million, while dealers sold US$50.04 million versus US$47.27 million, previously.
US currency purchases, accounted for US$36.83 million of the total inflows, at an average of J$129.12 versus J$129.40 for US$40.57 million on Wednesday, while dealers sold US$38.66 million at JS$129.99 compared to J$130.37 for US$39.66 million previously.
The selling rate for the Canadian dollar dropped to J$105.55 from J$105.80 at the close on Wednesday. The British Pound was marginally more costly, with J$176.21 buying the British currency versus J$175.50 previously and the euro rose in value against the Jamaican dollar, with it taking J$157.14 to buy the European common currency, versus J$154.06 previously.
JS$ back below $130 to US$ – Thursday
September 28, 2017 by
