Now J$1.52 cheaper for a US$ than May

The Jamaican dollar closed May at a selling rate of J$130.144 for one US dollar and ended June at J$128.62, $1.52 improvement in June. The closing rate is lowest for the month as the local foreign exchange market generated US$51 million more inflows than the amounts sold to the public.
Net total foreign exchange inflows into the system in June ended at US$59 million but US$70 million excluding the first two days which were the last two days of the first week of the month.
On Friday authorised and cambio dealers bought US$5 million more than they sold of all currencies and just US$3 million. A total of US$48 million of all currencies was bought and US$43 was sold while in US dollars trading US$35 million was bought and US$32 million was sold. For the week, total Inflows amounted to US$263 million, the most for any week in June, with the prior week being the next highest, with US$217 million.
Inflows of United States dollars reached US$36.58 million and selling $46.69 million on Friday. Overall foreign exchange of all currencies entering the market totaled the equivalent of US$45.3 million with US$53.2 million sold.
The selling rate for the Canadian dollar rose to J$99.39 compared to J$99.07 at the close on Thursday while the British Pound cost slightly more at the close on Thursday with J$166.58 buying the British currency versus J$165.40 on Thursday and the Jamaican dollar lost value against the euro, with it taking J$147.94 to buy the European common currency on Friday versus Thursday’s J$146.66.
July is one of the best months for inflows of foreign exchange, and that should result in the local currency recording further gains, with the surplus for the month likely to be higher than for June.