At the close of trading, the Jamaica dollar continued to revalue on Thursday with the average rate for the public to buy the US dollar, declining by 6 cents Jamaican. The local currency also rose against the Canadian Dollar and the British Pound.
Inflows of all currencies ended at US$33.61 million, versus US$37.26 million on Wednesday with selling of US$36.26 million compared with US$46.19 million sold on Wednesday.
In US dollar, trading dealers sold US$33.91 million at an average of $124.73 at the close, compared US$43.16 million at an average of $124.79 on Wednesday. US currency purchases by dealers, amounted to US$29.01 million, at an average rate of $123.28, compared to Wednesday, with US$32.39 million, at an average rate of $123.12.
On Thursday at midday dealers purchased US$11.95 million at an average rate of J$124.11 and sold US$12.29 million at an average of J$124.76.
The selling rate for the Canadian dollar slipped to J$99.01 from J$99.10 at the close on Wednesday. The selling rate for the British Pound fell to J$166.64 versus J$167.82 previously and the euro gained value against the Jamaican dollar at J$150.34 to buy the European common currency, versus the prior selling rate of J$149.85.
More gains for Jamaican dollar
Jamaican$ still below J$125 for US$
At the close of trading the Jamaica’s Forex market on Wednesday the average rate for the public to buy the US dollar remained below $125 Jamaican but the value slipped against all four major than on Tuesday .
Inflows of all currencies ended at US$37.26 million, versus US$53.25 million on Tuesday with selling of US$46.19 million compared with US$51.48 million sold on Tuesday.
In US dollar, trading dealers sold US$43.16 million at an average of $124.79 at the close, compared US$48.72 million at an average of $124.76 on Tuesday. US currency purchases by dealers, amounted to US$32.39 million, at an average rate of $123.12, compared to Tuesday, with US$48.72 million, at an average rate of $123.29.
The selling rate for the Canadian dollar jumped to J$99.10 from J$96.81 at the close on Tuesday. The selling rate for the British Pound rose to J$167.82 versus J$165.96 previously and the euro gained value against the Jamaican dollar at J$149.85 to buy the European common currency, versus the prior selling rate of J$147.49.
Less than J$125 for the US dollar
At the close of trading the Jamaica’s Forex market on Tuesday the average rate for the public to buy the US dollar declined below $125 Jamaican and lower than at the close of 2017.
Inflows of all currencies ended at US$53.25 million, versus US$47.75 million on Friday with selling of US$51.48 million compared with US$56.28 million sold on Friday.
In US dollar, trading dealers sold US$48.72 million at an average of $124.76 at the close, compared US$55.06 million at an average of $125 on Friday. US currency purchases by dealers, amounted to US$48.72 million, at an average rate of $123.29, compared to Friday, with US$40.80 million, at an average rate of $123.61.
On Tuesday at midday dealers purchased US$18.05 million at an average rate of J$123.93 and sold US$25.4 million at an average of J$124.87. At mid-day on Friday dealers purchased US$17.6 million at an average rate of J$124.48 while they sold US$9.87 million at an average of J$124.95.
The selling rate for the Canadian dollar dropped to J$96.81 from J$97.39 at the close on Friday. The selling rate for the British Pound fell to J$165.96 versus J$167.03 previously and the euro slipped in value against the Jamaican dollar at J$147.49 to buy the European common currency, versus the prior selling rate of J$147.52.
It is now J$125 for 1 US dollar
At the close of trading the Jamaica’s Forex market on Friday the average rate for the public to buy the US dollar declined to $125 Jamaican for the first time since May 17, 2016, when the rate was $124.80.
Inflows of all currencies ended at US$47.75 million, versus US$75.53 million on Thursday with selling of US$56.28 million compared with US$82.73 million sold on Thursday. Total purchases for December came to US1.055 billion while the dealers sold a similar amount in all currencies.
In US dollar ,trading dealers sold US$55.06 million at an average of $125 at the close, compared US$73.32 million at an average rate of $125.09 on Thursday. US currency purchases by dealers, amounted to US$40.80 million, at an average rate of $124.06, compared to Thursday, with US$65.24 million at $124.06.
On Friday at midday dealers purchased US$17.6 million at an average rate of J$124.48 and sold US$9.87 million at an average of J$124.95. At mid-day on Thursday dealers purchased US$26.33 million at an average rate of J$124.45 while they sold US$24.36 million at an average of J$124.99.
The selling rate for the Canadian dollar dropped to J$97.39 from J$99.87 at the close on Thursday. The selling rate for the British Pound rose to J$167.03 versus J$164.20 previously and the euro gained in value against the Jamaican dollar at J$147.52 to buy the European common currency, versus the prior selling rate of J$146.75.
US$ holding just above J$125
Trading the Jamaica’s Forex market continued at a high level after opening from the Christmas holiday with inflows of US$75.53 million, versus US$76.84 million on Wednesday of all currencies with selling of US$82.73 million compared with US$62.63 million sold on Wednesday.
In US dollar, trading dealers sold US$73.32 million at an average of $125.09 at the close, compared US$56.68 million at an average rate of $125.12 on Wednesday. US currency purchases by dealers, amounted to US$65.24 million on Thursday, at an average rate of $124.06, compared to Wednesday, with US$69.43 million at $123.90.
On Thursday at midday, dealers purchased US$26.33 million at an average rate of J$124.45 and sold US$24.36 million at an average of J$124.99. At mid-day on Wednesday dealers purchased US$21.98 million at an average rate of J$124.21, while they sold US$16.75 million at an average of J$125.11.
The selling rate for the Canadian dollar climbed to J$99.87 from J$98.40 at the close on Wednesday. The selling rate for the British Pound fell to J$164.20 versus J$166.53 previously and the euro dropped in value against the Jamaican dollar at J$146.75 to buy the European common currency, versus the prior selling rate of J$150.38.
Forex inflows exceed sales
Chart show that the Jamaican dollar could go back to 120 to US dollar in 2018.
With the Jamaica’s Forex market closed for the Christmas holiday dealers’ on Wednesday, purchased US$76.84 million, versus US$46.49 million on Friday of all currencies and sold US$62.63 million compared with US$51.79 million sold on Friday.
In US dollar ,trading dealers sold US$56.68 million at an average of $125.12 at the close compared US$45.45 million at an average rate of $125.22 on Friday. US currency purchases by dealers, amounted to US$69.43 million on Wednesday, at an average rate of $123.90, compared to Friday, with US$39.05 million at $123.95.
On Wednesday at midday dealers purchased US$21.98 million at an average rate of J$124.21 and sold US$16.75 million at an average of J$125.11. At mid-day on Friday dealers purchased US$11.56 million at an average rate of J$124.12 while they sold US$11.66 million at an average of J$125.05.
The selling rate for the Canadian dollar dipped to J$98.40 from J$98.95 at the close on Friday. The selling rate for the British Pound fell to J$166.53 versus J$167.57 previously and the euro rose in value against the Jamaican dollar at J$150.38 to buy the European common currency, versus the prior selling rate of J$148.19.
J$125.05 to US dollar mid-day Friday
The average rate for exchanging the Jamaican dollar against the US dollar, dropped to $125.05 at mid-day on Friday but ended slightly higher by the close of trading and now seems set to be at the $125 level by the end of the year.
On Friday at midday dealers purchased US$11.56 million at an average rate of J$124.12 and sold US$11.66 million at an average of J$125.05. At mid-day on Thursday dealers purchased US$17.14 million at an average rate of J$124.66 while they sold US$10.63 million at an average of J$125.28.
In a remarkable week for the local currency, dealers sold the equivalent of US$282 million while buying US$268 million as the rate slipped from 125.49 at the end of the prior week to $125.22 for sale of US dollars. Unlike august to November when the bank of Jamaica weekly BFIXT auction was active no sales took place in December and none are planned for the next four weeks.
The rate the public bought the US dollar ended at $125.22 at the close with dealers selling US$45.45 million in US currency, compared US$60.19 million at an average rate of $125.34 on Thursday. US currency purchases by dealers, amounted to US$39.05 million on Friday, at an average rate of $123.95, compared to Thursday, with US$47.45 million at $124.23.
Dealers’ purchased US$46.49 million, versus US$51.81 million on Thursday in all currencies, in Jamaica’s Forex market and sold US$51.79 million compared with US$62.42 million sold, previously.
The selling rate for the Canadian dollar climbed to J$98.95 from J$96.33 at the close on Thursday. The selling rate for the British Pound fell to J$167.57 versus J$167.61 previously and the euro lost value against the Jamaican dollar at J$148.19 to buy the European common currency, versus the prior selling rate of J$150.67.
Yuletide selloff of US$ continues
The rate for exchanging the Jamaican dollar against the US dollar, dropped by 21 cents in foreign currency trading on Thursday, with total inflows of all foreign currencies less than outflows as dealers continue to offload excess funds.
The public bought the US dollar at $125.34 with dealers selling US$60.19 million in US currency, compared US$60.97 million at an average rate of $125.55 on Wednesday. US currency purchases by dealers, amounted to US$47.45 million on Thursday, at an average rate of $124.23, compared to Wednesday, with US$49.36 million at $124.35.
On Thursday at midday dealers purchased US$17.14 million at an average rate of J$124.66 and sold US$10.63 million at an average of J$125.27. At mid-day on Wednesday dealers purchased US$13.65 million at an average rate of J$124.76 while they sold US$17.02 million at an average of J$125.61.
Dealers’ purchased US$51.81 million, versus US$53.56 million on Wednesday in all currencies, in Jamaica’s Forex market and sold US$62.42 million compared with US$63.79 million sold, previously.
The selling rate for the Canadian dollar declined to J$96.33 from J$96.78 at the close on Wednesday. The selling rate for the British Pound declined to J$167.37 versus J$168.00 previously and the euro rose in value against the Jamaican dollar at J$150.67 to buy the European common currency, versus the prior selling rate of J$149.28.
US dollar selling pushes up rate
The rate for exchanging the Jamaican dollar against the US dollar, rose by 8 cents in foreign currency trading on Wednesday, with total inflows of all foreign currencies less than outflows as dealers offload excess funds.
The public bought the US dollar at $125.55 with dealers selling US$60.97 million in US currency, compared US$47.50 million at an average rate of $125.47 on Tuesday. US currency purchases by dealers, amounted to US$49.36 million on Wednesday, at an average rate of $124.35, compared to Tuesday, with US$49.13 million at $124.45.
On Wednesday at midday dealers purchased US$13.65 million at an average rate of J$124.76 and sold US$17.02 million at an average of J$125.61. At mid-day on Tuesday dealers purchased US$24.68 million at an average rate of J$125.07 while they sold US$11.56 million at an average of J$125.38.
Dealers’ purchased US$53.56 million, versus US$56.52 million on Tuesday in all currencies in Jamaica’s Forex market and sold US$63.79 million compared with US$55.93 million sold, previously.
The selling rate for the Canadian dollar declined to J$96.78 from J$97.49 at the close on Tuesday. The selling rate for the British Pound jumped to J$168.00 versus J$167.37 previously and the euro fell in value against the Jamaican dollar at J$149.28 to buy the European common currency, versus the prior selling rate of J$150.39.
Jamaican$ stable close to 125 to US$1
The rate for exchanging the Jamaican dollar against the US dollar, declined a bit more in foreign currency trading on Tuesday, with total inflows of all foreign currencies evenly matched outflows.
The public bought the US dollar at $125.47 with dealers selling US$47.50 million in US currency, compared US$44.94 million at an average rate of $125.48 on Monday. US currency purchases by dealers, amounted to US$49.13 million on Tuesday, at an average rate of $124.45, compared to Monday, with US$53.17 million at $124.27.
On Tuesday at midday dealers purchased US$24.68 million at an average rate of J$125.07 and sold US$11.56 million at an average of J$125.38. At mid-day on Monday dealers purchased US$22.86 million at an average rate of J$124.85while they sold US$13.55 million at an average of J$125.29.
Dealers’ purchased US$56.52 million, versus US$60.12 million on Monday in all currencies in Jamaica’s Forex market and sold US$55.93 million compared with US$48.49 million sold, previously.
The selling rate for the Canadian dollar declined to J$97.49 from J$97.53 at the close on Monday. The selling rate for the British Pound jumped to J$167.37 versus J$166.83 previously and the euro rose in value against the Jamaican dollar at J$150.39 to buy the European common currency, versus the prior selling rate of J$148.46.