Surplus FX up to US$90m for July

Net inflows into Jamaican FX market on Wednesday, ended with US$7 million more foreign currency being bought, than sold by dealers, bringing the surplus bought by them to US$89 million since the end of June. In Wednesday’s trading, dealers bought US$44,986,438 while they sold US$37,620,031, compared to US$30,368,738 purchased and US$30,794,502 sold on Tuesday of all currencies, as the Jamaican dollar appreciated against all major currencies.
In US dollar trading, dealers bought US$9 million more in United States currency than they sold. They raked in US$41,842,638 compared to US$27,604,778 on Tuesday but that did not prevent a rise in the rate. The buying rate for the US dollar fell 20 cents to $125.87. A total of US$32,713,341 was sold versus US$29,108,096 on Tuesday with the selling rate rising 4 cents to end at $126.36. The Canadian dollar buying rate fell 31 cents to end at $93.47, with dealers buying C$889,172 and selling C$2,971,092, at an average rate that jumped $2.40 to $98.59. The average rate for buying the British Pound climbed $2.60 to $164.86 for the purchase of £1,803,849, while only £518,022 was sold, with the rate falling $1.31 to $165.21.
At the end of trading, the selling rate for Euro, climbed 7 cents to close at J$139.40 from Tuesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$135.05, for $1.30 more than on Tuesday. The US dollar equivalent of other currencies traded amounts to US$120,884 being bought, while US$1,911,277 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Wednesday, include, a drop of $1.76 in the highest buying rate of the Canadian Dollar to $98.16 and a fall of 83 cents in the lowest buying rate to end at $76.90, while the highest buying rate of the British Pound dropped $2.51 to close at $169.49, the lowest buying rate jumped $43.51 to $132.51. the highest selling rate dropped $4.24 to $170.83 and the lowest selling rate fell $1.65 to $157.60.