Net FX inflows up US$8.6m – Wednesday

Trading in Jamaica’s foreign exchange market saw net inflows climbing by US$8.6 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. The central bank is issuing 3 to 7 years US dollar bonds, to mop up excess US dollar, at rates ranging from 2.65 percent to 4.2 percent.
In Wednesday’s trading, the local dollar only lost value versus the US dollar buying rate but enjoyed gains around against the other rates. At the end of trading, dealers bought US$35,551,732 and sold only US$26,969,039 compared to US$26,841,312 purchased and US$24,854,416 sold on Tuesday, of all currencies.
In US dollar trading, dealers bought US$32,192,191 compared to US$23,201,767 on Tuesday. The buying rate for the US dollar rose 17 cents to close at $127.03. A total of US$24,604,567 was sold versus US$21,450,365 on Tuesday, with the selling rate easing 1 cent to end at $127.72. The Canadian dollar buying rate fell 59 cents to $96.21, with dealers buying C$2,544,063 and selling C$2,364,789 at an average rate that fell 52 cents to $97.24. The average rate for buying the British Pound declined $1.30 to $164.59 for the purchase of £972,514 while only £295,488 was sold as the rate dropped $3.11 to end at $166.14.
At the end of trading, the selling rate for the Euro, rose $1.30 to close at J$144.45 from Tuesday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$137.02 for a gain of 66 cents from the rate on Tuesday. The US dollar equivalent of other currencies traded, amounts to US$172,652 being bought, while US$179,631, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Wednesday, include a decline of $3.49 in the highest selling rate of the US dollar to end at $134.51 and a drop of $19.60 to $104 in the lowest selling rate. There was a fall of $1.45 in the highest buying rate for the Canadian Dollar to end at $97.55. Trading in the British Pound resulted in a fall of $1.10 in the highest buying rate to close at $168, a decline of $2.02 in the highest selling rate to $175.32 and a rise of $1 in the lowest selling rate to $163.