Massive BOJ FX sale on Thursday

Bank of Jamaica intervention into the foreign exchange market pushed trading well over the US$100 million market on Thursday, that did not stop the local currency form declining, as it moved even closer to $120 to the US dollar. The selling rate for the Jamaican dollar moved up by 3 cents on Thursday, meanwhile the highest rate fell to $123.26 on Thursday from J$124.12 on Wednesday.
Purchases by dealers of foreign currencies on saw buying of the equivalent of US$124,150,664 in stark contrast to US$26,434,145 on Wednesday, while they sold the equivalent of US$118,010,252, previously US$32,677,054.
In US dollar trading , dealers bought US$121,494,099 compared to US$23,310,357 on Wednesday. The buying rate for the US dollar is up 76 cents to $118.44 and US$116,060,844 was sold versus US$31,118,844 on Wednesday, the selling rate rose 3 cents to close at $118.62. The Canadian dollar buying rate rose 11 cents to $86.97, with dealers buying C$990,249 and selling C$713,506, at an average rate that climbed 72 cents to $89.81. The rate for buying the British Pound gained 80 cents to $179.58 for the purchase of £1,220,729, while £784,302 was sold, at an average rate that rose 31 cents to end at $182.58. At the end of trading, it took J$132.43 to purchase the Euro, a fall of 3 cents from Wednesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$129.45, a decline from Wednesday’s rate of 35 cents. Other currencies bought, amounted to the equivalent of US$78,385, while the equivalent of US$201,993 was sold.
Highs & Lows| The highest and lowest rates for trading the US dollar all declined on Thursday. The highest buying rate dropped $1.70 to $117.60, the lowest buying rate fell 67 cents to $96.19, the highest selling rate lost 86 cents to end at $123.26 and the lowest selling rate dived $19.15 to $96.15. The highest buying rate for the Canadian dollar climbed 50 cents to $91, the lowest buying rate is up 66 cents to $71.63 and highest selling rate fell 50 cents to end at $92.50, the lowest selling rate added $1.30 to end at $86.30. The highest buying rate for the British Pound, climbed 50 cents to $183.20, the lowest buying rate jumped 87 cents to $147.28, the highest selling rate dropped $1.83 to $186.92 and the lowest selling rate remained unchanged at $176.