Surplus FX jumps to US$94m

Net inflows of foreign exchange traded by authorized dealers, continue to build, with Monday’s net flows ended at the equivalent of US$11 million more foreign currency purchased than sold, bringing the surplus since the end of June to US$94 million. In Monday’s trading, dealers bought US$47,919,715 while they sold US$36,831,264, compared to US$40,933,781 purchased and US$38,774,308 sold on Friday of all currencies, as the value for the Jamaican dollar rose.
In US dollar trading, dealers bought just under US$10 million more in United States currency than they sold. They pulled in US$44,489,970 compared to US$37,244,686 on Friday. The buying rate for the US dollar fell 15 cents to $125.72. A total of US$34,967,119 was sold versus US$35,482,174 on Friday with the selling rate falling 7 cents to end at $126.38. The Canadian dollar buying rate fell $2.06 to end at $92.97, with dealers buying C$1,878,218 and selling C$989,708, at an average rate that declined 36 cents to $95.59. The average rate for buying the British Pound climbed $1.07 to $162.60 for the purchase of £1,462,800, while only £500,300 was sold, with the rate falling 46 cents to $164.27.
At the end of trading, the selling rate for the Euro, rose 87 cents to close at J$139.68 from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$137.24, for a rise of $2.99. The US dollar equivalent of other currencies traded amounts to US$149,061 being bought, while US$465,263 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 $1.85 in the highest buying rate of the Canadian Dollar to $95.65, a rise of $1, in the lowest selling rate to $91 while trading in the British Pound resulted in a fall of $1.04 in the lowest buying rate to close at $131.97 and a drop of $1.40 in the highest selling rate to end at $171.72.