Surplus FX purchases up to US$265M

Foreign exchange inflows continue to exceed sales by wide margins for the past two months with authorized dealers buying another $10.8 million more than they sold on Tuesday, bringing the net inflows since the end of June, to US$265 million. In Tuesday’s trading, dealers bought US$42,556,485 and sold US$31,710,930 compared to US$63,176,140 purchased and US$47,394,596 sold on Monday, of all currencies.
In US dollar trading, dealers bought US$38,239,418 compared to US$59,700,993 on Monday. The buying rate for the US dollar dipped by 9 cents to close at $126.82. A total of US$29,280,909 was sold versus US$44,268,643 on Monday, with the selling rate rising 7 cents to end at $127.51. The Canadian dollar buying rate rose 94 cents to $97.11, with dealers buying C$2,776,775 and selling C$2,485,227 at an average rate that dropped 49 cents to $98.19. The average rate for buying the British Pound rose 49 cents to $163.47 for the purchase of £1,564,410 while only £252,501 was sold with the rate climbed 13 cents to end at $165.81.
At the end of trading, the selling rate for the Euro, fell 9 cents to close at J$143.66 from Monday’s rate, according to data from Bank of Jamaica, dealers purchased the European common currency at J$137.09 for a drop of 87 cents from the rate on Monday. The US dollar equivalent of other currencies traded amounts to US$174,341 being bought, while US$187,808, 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 drop of 62 cents in the lowest buying rate for the Canadian Dollar to close at $78.44 and a fall of $1.30 in the lowest selling rate to $92. Trading in the British Pound resulted in a fall of $1 in the highest buying rate to $167, a fall of $1.58 in the lowest buying rate to close of $136.46 and a rise of $2 in the lowest selling rate to $162.