Surplus FX flows continue to grow

At the end of Friday’s trading in Jamaica’s foreign exchange market inflows again exceeded outflows with the sale of the United States currency being $7.6 million less than the amount purchased by dealers, leading to a slight revaluation of the local dollar.
On Friday authorized dealers bought another $8.6 million more than they sold, bringing the net inflows since the end of June, to US$280 million.
In Friday’s trading, dealers bought US$42,537,612 and sold US$33,911,288 compared to US$32,204,317 purchased and US$29,187,613 sold on Thursday, of all currencies.
In US dollar trading, dealers bought US$39,102,100 compared to US$29,599,812 on Thursday. The buying rate for the US dollar rose 14 cents to close at $127.03. A total of US$31,532,699 was sold versus US$28,195,660 on Thursday, with the selling rate declining 5 cents to end at $127.61. The Canadian dollar buying rate dropped $1.69 to $94.37, with dealers buying C$1,002,532 and selling C$793,772 at an average rate that gained 5 cents to $97.54. The average rate for buying the British Pound rose $1.92 to $166.62 for the purchase of £1,683,642 while £875,310 was sold with the rate that climbing $1.43 to end at $169.13.
At the end of trading, the selling rate for the Euro, dropped $2.35 to close at J$142.16 from Thursday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$135.99 for a fall of 29 cents from the rate on Thursday. The US dollar equivalent of other currencies traded amounts to US$156,176 being bought, while US$123,678, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Friday, include a drop of $3 in the highest buying rate for the Canadian Dollar to $97.50, a fall in the highest selling rate of $3.18 to $101.52 while the lowest selling rate climbed by $2 to $94. Trading in the British Pound resulted in a rise of $3.25 in the highest buying rate to $173.90, a rise of $1.41 in the lowest buying rate to close of $136.12 and a gain in the lowest selling rate of $2 to $162.50.