Net inflows into the foreign exchange market in Jamaica delivered another day of strong surplus of US$6 million on Wednesday. The net inflows did not prevent further slippage in the value of the Jamaican dollar against the main currencies it usually trades against except for the Canadian currency.
At the end of trading, dealers bought US$29,131,694 and sold only US$23,158,962 compared to US$38,392,249 purchased and US$32,810,695 sold on Tuesday, of all currencies.
In US dollar trading, dealers bought US$26,470,810 compared to US$33,392,630 on Tuesday. The buying rate for the US dollar fell 3 cents to close at $127.32. A total of US$21,617,895 was sold versus US$30,026,760 on Tuesday, with the selling rate rising 4 cents to end at $128.11. 
The Canadian dollar buying rate dropped $1.85 to $94.17, with dealers buying C$876,284 and selling C$459,094 at an average rate that fell 59 cents to $96.35. The average rate for buying the British Pound rose 32 cents to $163.88 for the purchase of £1,467,810 while £848,877 was sold as the rate jumped $1.41 to end at $166.43.
At the end of trading, dealers sold €72,982 as the selling rate for the Euro, closed at $144.17 for a rise of 71 cents from Tuesday’s rate, according to data from Bank of Jamaica. Dealers purchased €97,926 of the European common currency at $141.30 after falling $1.90 from the rate on Tuesday. The US dollar equivalent of other currencies traded, amounts to US$16,230 being bought and the selling of US$10,872.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Wednesday, include a rise of $1.90 in the lowest selling rate of the Canadian dollar to end at $93.50. The highest buying rate of the British Pound rose $1.66 to $169, the highest selling rate fell by $1.07 to $172.27 while the lowest selling rate climbed $1.75 to $161.75. Trading in the Euro resulted in a drop of $4.79 in the highest buying rate to end at $141.10 and a fall of $1 in the lowest selling rate to $134.50.
Net FX inflows up by US$6m – Wednesday
September 28, 2016 by
