NCB US$ selling revalues Jamaican$

The Jamaican dollar continues to revalue from the low point reached in August $151.18, with the rate ending at J$$141.94 in Thursday’s trading as National Commercial Bank (NCB) continues to be the primary seller of the US dollar for the week to date.
For the week to Thursday, NCB sold off a net of US$24 million. Dealers bought US$32 million on Thursday and sold US$56.6 million compared to buying US$46.8 million and selling US$51.4 million on Wednesday at an average rate of $142.6258. On Thursday, NCB sold a net of nearly US$20 million.
IC Insider.com’s technical chart suggests further appreciation for the currency that came under selling pressure with the fall out caused by the COVID 19 inflicted crisis. The local currency has broken resistance at $142.60, with the next resistance set at $140. If it breaks through that level, it will hit the next resistance level at J$137.
In Thursday’s trading, NCB bought only US$2.36 million at an average rate of $138.01 to the US dollar but sold US$22 million at $141.06. In comparison, Scotiabank bought just US$3.5 million on Thursday at $139.81 sold US$8 million at $142.87 after buying US$18.2 million Wednesday and sellingUS$9.6 million on that day.

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