Rigged FX market responds – Thursday

The Jamaican foreign exchange market responded on Thursday to the increasing net inflows into the system, by cutting the selling rates for all four major currencies, as the market delivered another day of surplus inflows.
Thursday’s the net inflows brought the excess in three days to US$30 million, an amount that is in excess of today’s total intake. At the end of trading, the equivalent of all currencies bought by dealers amounted to US$25,142,251, while US$21,013,454 was sold compared to US$44,113,891 purchased and US$32,654,420 sold on Wednesday.
In US dollar trading, dealers bought US$21,513,397 compared to US$39,723,979 on Wednesday. The buying rate for the US dollar fell 26 cents to close at $127.46. A total of US$18,393,384 was sold versus US$30,231,066 on Wednesday, with the selling rate sliding 9 cents to end at $128.28. The Canadian dollar buying rate rose 66 cents to $96.83, with dealers buying C$2,682,076 and selling C$2,434,616 at an average rate that fell 29 cents to $97.55. The average rate for buying the British Pound dropped $2.57 to $159.74 for the purchase of £1,072,168 while £516,828 was sold at a rate that dipped 83 cents to end at $163.19.
At the end of trading, dealers sold €66,217 as the selling rate for the Euro, closed at $142.85 for fall of $1.58 from Wednesday’s rate, according to data from Bank of Jamaica. Dealers purchased €213,773 of the European common currency at $139.65 after rising 57 cents from the rate on Wednesday. The US dollar equivalent of other currencies traded, amounts to US$13,433 being bought and selling of US$37,481.
Highs & Lows| Notable changes to the highest and lowest rates for the regularly traded currencies in the foreign exchange market on Thursday, include a fall of $1.20 in the highest buying rate of the US Dollar to $127.95. The highest buying rate of the Canadian dollar rose $2.30 to $100.50, while the highest selling rate jumped $2.64 to $104.70 and the lowest selling rate dropped $1.70 to $92. The highest buying rate of the British Pound jumped $4.90 to $170.65, the lowest buying rate climbed $3.57 to $134.71, the highest selling rate surged $4.64 to $175.28 and the lowest selling rate rose $2.50 to $160.50. Trading in the Euro resulted in a rise in the highest buying rate of $3.50 to $145, the highest selling rate climbed $4.31 to $149.85 while there was a sharp fall in the lowest selling rate of $23.47 to $114.53.