Net inflows into Jamaican FX market on Tuesday ended with slightly more foreign currency being sold, than bought by dealers, resulting in a mix of rate movements at the end of trading. In Tuesday’s trading, dealers bought US$30,368,738 while they sold only US$30,794,502, compared to US$53,836,136 purchased and US$36,901,981 sold on Monday of all currencies, as the Jamaican dollar appreciated against all major currencies.
In US dollar trading, dealers bought US$27,604,778 compared to US$51,088,781 on Monday as the buying rate for the US dollar fell 2 cents to $125.67. A total of US$29,108,096 was sold versus US$34,939,544 on Monday with the selling rate rising 4 cents to end at $126.32. The Canadian dollar buying rate climbed 91 cents to end at $93.78, with dealers buying C$1,056,274 and selling C$601,979, at an average rate that fell 57 cents to $96.19. The average rate for buying the British Pound fell 91 cents to $162.26 for the purchase of £1,367,685, while £741,948 was sold, with the rate gaining 73 cents to $166.52.
At the end of trading, the selling rate for Euro, dropped $2.89 to close at J$139.33 from Monday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$133.78, for a fall of $1.12 from Monday’s rate. The US dollar equivalent of other currencies traded amounts to US$209,876 being bought, while US$249,915 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Tuesday, include, a drop of $1.31 in the highest selling rate of the Canadian Dollar to $100.21 and a rise $1.70 in the lowest selling rate to end at $93, while the highest buying rate of the British Pound climbed 63 cents to close at $172 and the lowest buying dropped $45.79 to $89.
Mixed rate movement for J$ – Tuesday
July 19, 2016 by