The Jamaican dollar continues to revalue from the low point reached in August $151.18, with the rate ending at J$$141.94 in Thursday’s trading as National Commercial Bank (NCB) continues to be the primary seller of the US dollar for the week to date.
For the week to Thursday, NCB sold off a net of US$24 million. Dealers bought US$32 million on Thursday and sold US$56.6 million compared to buying US$46.8 million and selling US$51.4 million on Wednesday at an average rate of $142.6258. On Thursday, NCB sold a net of nearly US$20 million.
IC Insider.com’s technical chart suggests further appreciation for the currency that came under selling pressure with the fall out caused by the COVID 19 inflicted crisis. The local currency has broken resistance at $142.60, with the next resistance set at $140. If it breaks through that level, it will hit the next resistance level at J$137.
In Thursday’s trading, NCB bought only US$2.36 million at an average rate of $138.01 to the US dollar but sold US$22 million at $141.06. In comparison, Scotiabank bought just US$3.5 million on Thursday at $139.81 sold US$8 million at $142.87 after buying US$18.2 million Wednesday and sellingUS$9.6 million on that day.
J$ slips against US & Pound- Friday
the Jamaican dollar slipped in value on Friday against the British Pound and the Us dollar but gained against the Canadian with purchases of all currencies by dealers amounting to US$41,792,863 compared with the US$36,782,160, on Thursday and selling of the equivalent of US$42,252,844 versus US$51,379,595 sold on Thursday.
In US dollar trading, dealers bought US$36,360,074 compared to US$31,445,586 on Thursday. The buying rate for the US dollar put on 3 cents to $115.15 and US$39,309,385 was sold versus US$49,329,254 on Thursday, the selling rate rose 5 cents to $115.64 The Canadian dollar buying rate jumped $1.34 to $92.04 with dealers buying C$2,968,466, and selling C$1,859,975, at an average rate that gained 39 cents to $92.64. The rate for buying the British Pound dipped 33 cents to $176.71 for the purchase of £1,911,861, while £763,754 was sold, at an average rate of $178.63, down by 1 cent. At the end of trading it took J$129.62 to purchase the Euro, $1.67 less than on Thursday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$127.15 for $1.67 less than on Thursday. 
Other currencies bought, amounted to the equivalent of US$126,015 while the equivalent of US$273,697, was sold.
Highs & Lows| The highest buying rate for the US dollar, the lowest buying and the highest selling rates remained at $115.80, $94.36 and $120.91 respectively. The lowest selling rate dropped $17.11 to $96.39. The highest buying rate for the Canadian dollar jumped $3.20 to $96.20, the lowest buying rate fell 45 cents to $73.25. The highest selling rate rose $1.74 to $97 and the lowest selling rate jumped $11.74 to $87.25 The highest buying rate for the British Pound, slipped 80 cents to $178.10. The lowest buying rate fell 54 cents to $142.88, the highest selling rate lost $3.04 to $181.86 and the lowest selling rate declined 35 cents to $172.15.
J$ falls vs euro, US & Pound Wednesday
The Jamaican dollar lost value against the United States dollar, the euro and the Pound but gained on the Canadian dollar on Wednesday.
Overall there was buying of the equivalent of US$37,454,527 versus US$43,503,554 on Tuesday, and selling of the equivalent of US$35,556,606 compared to US$46,130,818 on Tuesday. In US dollar trading, dealers bought US$34,094,712 compared to US$38,358,526 on Tuesday. The buying rate for the US dollar rose 6 cents to $113.94 and US$30,789,157 was sold versus US$42,437,376 on Tuesday. The selling rate rose 7 cents to $114.48. The Canadian dollar buying rate fell 44 cents to $95.86 with dealers buying C$1,444,094 and selling C$1,029,110, at an average selling rate that declined 91 cents, to $97.91. The rate for buying the British Pound rose 13 cents to $177 for the purchase of £1,284,128, while £1,858,576 was sold, the rate climbed 88 cents to $180.05. At the end of trading it took J$143.12 to purchase the Euro, $1.14 more than on Tuesday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$140.32, for an increase of $1.26. Other currencies bought, amounted to the equivalent of US$150,076 while the equivalent of US$964,190, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 5 cents higher at $114.80, the lowest buying rate was unchanged at $93.69. The highest selling rate gained 16 cents to $120.21 and the lowest selling rate rose 60 cents to $112.10. The highest buying rate for the Canadian dollar was unchanged at $98.62. The lowest buying rate closed 33 cents lower, at $78.19. The highest selling rate fell $1 to $101.50 and the lowest selling rate moved down 60 cents to $94. The highest buying rate for the British Pound, dipped $1.10 to $179.40. The lowest buying rate was unchanged at $143.96, highest selling rate lost $2.47 to $183.12 the lowest selling rate lost $1.20 to $172.25.
J$ gain on euro falls vs others Tuesday
The Jamaican dollar lost value against the United States dollar and against the euro but gained against the Pound and the Canadian dollar on Tuesday, a day of robust foreign exchange trading.
Overall, there was buying of the equivalent of US$43,503,554 versus US$56,094,979 on Monday, and selling of the equivalent of US$46,130,818 compared to US$47,505,422 on Monday. In US dollar trading, dealers bought US$38,358,526 compared to US$49,500,391 on Monday. The buying rate for the US dollar rose 23 cents to $113.88 and US$42,437,376 was sold versus US$43,962,004 on Monday. The selling rate rose 12 cents to $114.41. The Canadian dollar buying rate inched up 8 cents to $96.30 with dealers buying C$1,987,289 and selling C$2,034,522, at an average selling rate that rose 36 cents, to $98.82. The rate for buying the British Pound fell 44 cents to $176.87 for the purchase of £2,127,681, while £992,180 was sold, the rate climbed 30 cents to $179.17. At the end of trading it took J$141.98 to purchase the Euro, 24 cents less than on Monday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$139.06, as the rate fell 56 cents. Other currencies bought, amounted to the equivalent of US$160,113 while the equivalent of US$382,324, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 10 cents higher at $114.75, the lowest buying rate gained 17 cents to $93.69. The highest selling rate was unchanged $120.05 and the lowest selling rate jumped $17.98 to $111.50. The highest buying rate for the Canadian dollar declined by 38 cents to end at $98.62. The lowest buying rate closed 12 cents lower, at $78.52. The highest selling rate rose 59 cents to $102.50 and the lowest selling rate moved down 15 cents to $94.60. The highest buying rate for the British Pound, rose 80 cents to $180.50. The lowest buying rate closed 21 cents lower at $143.96, highest selling rate lost 27 cents to $185.59 the lowest selling rate rose 45 cents to $173.45.
Volumes climb but J$ falters Vs US$ on Friday
The Jamaican dollar lost ground against the US dollar but gained against the British pound and the Canadian dollar, on Friday. The level of trading increased strongly over Thursday’s levels, as authorized dealers purchased the equivalent of US$39,425,266 versus US$23,655,831, on Thursday, and sold the equivalent of US$31,274,156 compared with US$20,111,379 on Thursday.
In US dollar trading, dealers bought US$35,565,489 compared to US$20,915,015 on Thursday. The buying rate for the US dollar gained 19 cents to $113.13 and US$29,379,322 was sold versus US$18,955,032 on Thursday. The selling rate climbed 5 cents to $113.59. The Canadian dollar buying rate fell 31 cents to $97.83 with dealers buying C$1,316,08 and selling C$704,733, at an average selling rate that declined 57 cents, to $99.66. The rate for buying the British Pound rose 17 cents to $175.97, for the purchase of £1,665,720, while £718,932 was sold, the rate climbed 35 cents to $178.19. Other currencies bought, amounted to the equivalent of US$130,742 while the equivalent of US$148,673, was sold.
Highs & Lows| The highest buying rate for the US dollar, closed 3 cents higher at $113.75, the lowest buying was unchanged at $93.10. The highest selling rate put on 33 cents to $119.63, but the lowest selling rate climbed 37 cents to $95.31. The highest buying rate for the Canadian dollar gained 30 cents to $100.80, the lowest buying rate closed up 8 cents to $80.59. The highest selling rate put on 11 cents to $103.90 and the lowest selling rate remained at $97. The highest buying rate for the British Pound, was off 10 cents to $178.70. The lowest buying rate rose 33 to $144.42, the highest selling rate fell $3.72 to $182.03 and the lowest selling rate climbed $1 to $174.
