Net FX inflows up again – Tuesday

Trading in Jamaica’s foreign exchange market saw another day with more purchases of the all foreign currencies exceeding sales, with the net intake on Tuesday, being just US$2 million, well below the net in take on Monday of just a tad below US$10 million. The net US dollar currency intake was US$1.7 million.
In Tuesday’s trading, the local dollar gained against the US dollar for the buying rate while the selling rate declined, the Jamaican dollar strengthened against the Canadian and the Pound based on the selling rates.
At the end of trading, dealers bought US$26,841,312 and sold only US$24,854,416 compared to US$40,557,663 purchased and US$30,162,776 sold on Monday, of all currencies.
In US dollar trading, dealers bought US$23,201,767 compared to US$36,851,384 on Monday. The buying rate for the US dollar declined just 1 cent to close at $126.86. A total of US$21,450,365 was sold versus US$27,926,335 on Monday, with the selling rate rising 8 cents to end at $127.73. The Canadian dollar buying rate advanced by $1.51 to $96.80, with dealers buying C$2,470,145 and selling C$2,122,178 at an average rate that fell 51 cents to $97.76. The average rate for buying the British Pound rose 47 cents to $165.89 for the purchase of £1,227,623 while only £1,030,693 was sold as the rate dropped 2 cents to end at $169.25.
At the end of trading, the selling rate for the Euro, fell $1.47 to close at J$143.15 from Monday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$136.36 for a fall of $1.31 from the rate on Monday. The US dollar equivalent of other currencies traded, amounts to US$149,623 being bought, while US$414,024, 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 rise of $3.49 in the highest selling rate of the US dollar to end at $138 and a jump of $19.60 to $123.60 in the lowest selling rate. There was a fall of 74 cents in the highest selling rate for the Canadian Dollar to end at $101.37. Trading in the British Pound resulted in a fall of $1.60 in the highest buying rate to close at $169.10 and a rise of $1 in the lowest selling rate to $162.