Net FX inflows climb on Friday

Net inflows into the Jamaica’s foreign exchange market, rose by just under US$5 million on Friday pushing the surplus since the end of June to US$92 million. In Friday’s trading, dealers bought US$41,626,691 while they sold US$36,879,082 compared to US$30,215,014 purchased and US$36,917,077, sold on Thursday of all currencies. The value for the Jamaican dollar fell slightly against the US dollar and the Canadian dollar but rose against the selling rate for the Pound.
In US dollar trading, dealers bought US$6 million more than they sold with buying amounting to US$36,942,682 compared to US$27,042,275 on Thursday. The buying rate for the US dollar climbed 15 cents to $125.89. A total of US$30,736,441 was sold versus US$33,427,390 on Thursday, with the selling rate rising 5 cents to end at $126.56. The Canadian dollar buying rate declined by 62 cents to end at $94.04, with dealers buying C$1,445,059 and selling C$5,118,612, at an average rate that climbed $2.85 to $99.99. The average rate for buying the British Pound gained $1.81 to $163.34 for the purchase of £1,690,154, while £411,245 was sold to end at $166.01, for a decline of $1.84.
At the end of trading, the selling rate for the Euro, fell by 31 cents to close at J$140.19 from Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$132.19 for a drop of $8.91. The US dollar equivalent of other currencies traded amounts to US$1,411,604 being bought, while US$1,558,945 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Friday, include, a gain of $1.56 in the highest selling rate of the Canadian Dollar to close at $100.92, a decline of $2 in the lowest selling rate to $89, while trading in the British Pound resulted in a gain of $1.50 in the highest buying rate to $167.30 as the highest selling rate dropped $8.80 to $174 and the lowest selling rate rose $2 to end at $160.