Stockpile jumps US$17M on Monday

Net inflows into Jamaican FX market ended at US$82 million in just over the last three weeks as inflows continue to exceed outflows. So far, the build-up has not had a great deal of impact on rates, with the US dollar closing at $126.28, compared to $126.38 at the end of June.
In Monday’s trading, dealers bought US$53,836,136 while they sold only US$36,901,981, compared to US$33,384,248 purchased and US$24,963,354 sold on Friday of all currencies, as the Jamaican dollar appreciated against all major currencies.
In US dollar trading, dealers bought US$51,088,781 compared to US$30,676,215 on Friday as the buying rate for the US dollar fell 1 cent to $125.69. A total of US$34,939,544 was sold versus US$23,514,139 on Friday with the selling rate falling 11 cents to end at $126.28. The Canadian dollar buying rate declined $1.85 cents to end at $92.87, with dealers buying C$1,034,930 and selling C$766,532, at an average rate that fell $1.16 to $96.76. The average rate for buying the British Pound fell 59 cents to $163.17 for the purchase of £1,386,112, while £815,168 was sold, with the rate falling $2.72 to $165.79.
At the end of trading, the selling rate for Euro, rose $1.64 to close at J$142.22 from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$134.87, for a fall of $4.82 from Friday’s rate. The US dollar equivalent of other currencies traded amounts to US$183,184 being bought, while US$304,830 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Monday, include, a drop of $1.20 in the lowest selling rate of the Canadian Dollar to $91.30 while the highest buying rate of the British Pound climbed 98 cents to $172.63, the lowest buying rate rose 33 cents to end at $134.79, the highest selling rate jumped $2.74 to end at $175.39 and the lowest selling rate fell $1 to end at $159.