At the close of trading, the Jamaica dollar lost moderate value on Friday with the average rate for the public to buy the US dollar, rising by less than a cent Jamaican. The local currency also fell in value against the Canadian Dollar and the British Pound.
Inflows of all currencies ended at US$35.38 million, versus US$33.61 million on Thursday with selling of US$32.88 million compared with US$36.26 million sold on Thursday.
In US dollar, trading dealers sold US$30.04 million at an average of $124.74 at the close, compared US$33.91 million at an average of $124.73 on Thursday. US currency purchases by dealers, amounted to US$31.2 million, at an average rate of $123.25, compared to Thursday, with US$29.01 million, at an average rate of $123.28.
At mid-day on Friday dealers purchased US$15.16 million at an average rate of J$124.09 while they sold US$10.26 million at an average of J$124.75. On Thursday at midday dealers purchased US$11.95 million at an average rate of J$124.11 and sold US$12.29 million at an average of J$124.76.
The selling rate for the Canadian dollar climbed to J$100.06 from J$99.01 at the close on Thursday. The selling rate for the British Pound rose to J$167.37 versus J$166.64 previously and the euro gained value against the Jamaican dollar at J$150.82 to buy the European common currency, versus the prior selling rate of J$150.34.
With market forces resulting in a continuing revaluation of the local currency, Bank of Jamaica announced the continuing suspension of their weekly foreign exchange auction for the next four weeks.
Stable Jamaican dollar vs US$
January 5, 2018 by
