Net FX inflows up US$6.3m – Thursday

Trading in Jamaica’s foreign exchange market saw net inflows climbing by US$6.3 million of all foreign currencies traded as dealers continue to add to the net pool of funds accumulated in the system since the start of July.
At the end of trading, dealers bought US$25,483,427 and sold only US$19,195,850 compared to US$35,551,732 purchased and US$26,969,039 sold on Wednesday, of all currencies.
In US dollar trading, dealers bought US$22,657,177 compared to US$32,192,191 on Wednesday. The buying rate for the US dollar lost 3 cents to close at $127. A total of US$17,269,462 was sold versus US$24,604,567 on Wednesday, the selling rate rose 5 cents to end at $127.77. The Canadian dollar buying rate fell $2.51 to $93.70, with dealers buying only C$745,881 and selling C$1,241,166 at an average rate that rose 73 cents to $97.97. The average rate for buying the British Pound jumped $1.04 to $165.63 for the purchase of £1,497,758 while only £632,131 was sold as the rate dropped $3.11 to end at $166.14.
At the end of trading, the selling rate for the Euro, fell $1.64 to close at J$142.81 from Wednesday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$138.96 for a gain of $1.94 from the rate on Wednesday. The US dollar equivalent of other currencies traded, amounts to US$322,513 being bought, while US$143,398, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Thursday, include a jump of $20.50 in the lowest selling rate of the US dollar to end at $124.50. There was a fall of $1.37 in the highest buying rate for the Canadian Dollar to end at $96.18 and a dive of $13.90 in the lowest selling rate to $79.10. Trading in the British Pound resulted in a rise of $1 in the highest buying rate to close at $169, a climb of $1.80 in the highest selling rate to $177.12 and a decline of $3.50 in the lowest selling rate to $169.50.