Surplus FX jumps Tuesday

Trading in Jamaica’s foreign exchange market picked up sharply on Tuesday with dealers buying US$18.5 million more than they sold, as inflows continue to exceed outflows as was the case for the high summer months.
In Tuesday’s trading, dealers bought US$82,044,075 and sold US$63,505,815 compared to US$23,079,436 purchased and US$19,531,349 sold on Monday, of all currencies.
In US dollar trading, dealers bought US$78,399,363 compared to US$19,609,026 on Monday. The buying rate for the US dollar jumped $1.03 cents to close at $127.29. A total of US$61,557,554 was sold versus US$18,292,586 on Monday, with the selling rate rising 1 cent to end at $127.68. The Canadian dollar buying rate rose $1.18 to $95.82, with dealers buying C$1,202,592 and selling C$707,371 at an average rate that fell 38 cents to $97.65. The average rate for buying the British Pound rose $1.24 to $166.45 for the purchase of £2,026,181 while £909,970 was sold with the rate that rose $1.97 to end at $170.35.
At the end of trading, the selling rate for the Euro, rose 19 cents to close at J$142.98 from Monday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$135.64 for a fall of $5.48 from the rate on Monday. The US dollar equivalent of other currencies traded amounts to US$89,829 being bought, while US$193,203, was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Tuesday, include a rise of 75 cents in the highest buying rate for the Canadian Dollar to $99.45, a rise in the lowest selling rate of $1.20 to $94.20. Trading in the British Pound resulted in a $1.10 rise in the highest buying rate to $171.50 and a rise of $1.50 in the lowest selling rate to $163.50.