Strengthening Jamaican$ underway

The Jamaican FX market enjoyed another day of large surplus of inflows over outflows with US$12 dollar bought by dealers over the amount they sold as the local currency recorded revaluation against all three majors. The surplus bring the net intake by authorized dealers to US$43 million and seems set to result in more gains for the Jamaican dollar during the months of July and August when inflows are at high levels compared to the period from April to June.
Dealers bought US$44,428,362 while they sold US$32,128,979, compared to US$39,149,128 purchased and US$33,935,011 sold on Friday of all currencies.
In US dollar trading, dealers bought US$40,750,679 compared to US$36,478,342 on Friday as the buying rate for the US dollar fell 19 cents to $125.59. A total of US$28,803,311 was sold versus US$32,685,350 on Friday with the selling rate declining by 12 cents to end at $126.25. The Canadian dollar buying rate fell 97 cents to end at $92.77 with dealers buying C$1,075,569 and selling C$1,762,340, at an average rate that declined 1 cent to $97.34. The average rate for buying the British Pound fell $1.27 to $160.38 for the purchase of £1,864,043, while just £772,048 was sold, with the rate falling 2 cents to $163.25.
At the end of trading, the selling rate for Euro, climbed $1.29 to close at J$140.37 from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$135.13, for a fall of $2.32 from Friday’s rate. The US dollar equivalent of other
currencies traded amounts to US$502,680 being bought, while US$968,571 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 sharp drop of $2 in the lowest selling rate of the Canadian Dollar to $91.50. The highest buying rate of the British Pound dropped 70 cents to $164.45, the highest selling rate rose 65 cents to close at $171.29 while the lowest selling rate dropped $5 to end at $151.