The Jamaica dollar continues it relentless ride to the 120 mark with it being less than 60 cents Jamaica away, on Friday with trading ending with big rise in the amounts changing hands. The equivalent of US$46,945,905 was bought by dealers, compared with US$26,599,436 on Thursday, while they sold the equivalent of US$41,528,759 versus US$24,162,219 previously.
In US dollar trading , dealers bought US$44,372,877 compared to US$24,360,712 on Thursday. The buying rate for the US dollar climbed 30 cents to $118.98 and US$40,477,427 was sold versus US$23,208,561 on Thursday, the selling rate rose 7 cents to $119.42. The Canadian dollar buying rate climbed 75 cents to end at $89.24, with dealers buying C$923,513 and selling C$530,477, at an average rate that rose 43 cents to $91.09. 
The rate for buying the British Pound gained 53 cents to $178.92 for the purchase of £1,034,546, while £268,867 was sold, at an average rate that eased 33 cents to $180.20. At the end of trading, it took J$134.59 to purchase the Euro, with a rise of 51 cents from Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$131.83, for a gain of 55 cents from Thursday’s rate. The US dollar equivalent of other currencies traded, amounts to US$324,565 being bought, while US$240,989 was sold.
Highs & Lows| The highest buying rate for the US dollar gained 10 cents on Friday to end at $119.75, the lowest buying rate ended 13 cents higher at $97.95, the highest selling added 5 cents to close at $125.51 and the lowest selling rate dipped 40 cents to end at $116.
The highest buying rate for the Canadian dollar slipped 19 cents to $93.66, the lowest buying rate rose 83 cents to be at $72.63, the highest selling rate fell 79 cents to end at $94.06 and the lowest selling rate was unchanged $87.50. The highest buying rate for the British Pound, fell 10 cents to end at $182.70. The lowest buying rate eased 4 cents to $146.91, the highest selling rate rose 1 cent to $186.90 and the lowest selling rate climbed $2.60 to close at $176.50.
Oh so close but not there yet
Jamaican $ slippage continues Thursday
The Jamaica dollar continues it relentless ride to the 120 mark on Thursday with trading ending with the equivalent of US$26,599,436 bought by dealers, compared with US$32,289,465 on Wednesday, while they sold the equivalent of US$24,162,219 versus US$34,427,833 previously.
In US dollar trading , dealers bought US$24,360,712 compared to US$28,863,222 on Wednesday. The buying rate for the US dollar climbed 7 cents to $118.68 and US$23,208,561 was sold versus US$33,034,094 on Wednesday, the selling rate rose 3 cents to $119.35. The Canadian dollar buying rate fell 18 cents to end at $88.49, with dealers buying C$790,481 and selling C$459,950, at an average rate that rose 16 cents to $90.66. 
The rate for buying the British Pound fell 50 cents to $178.39 for the purchase of £928,508, while £330,961 was sold, at an average rate that eased 4 cents to $180.53. At the end of trading, it took J$134.08 to purchase the Euro, with a decline of 21 cents from Wednesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$131.28, for a fall of 10 cents from Wednesday’s rate. The US dollar equivalent of other currencies traded, amounts to US$253,631 being bought, while US$103,650 was sold.
Highs & Lows| The highest buying rate for the US dollar gained 10 cents on Thursday to end at $119.65, the lowest buying rate ended unchanged at $97.82, the highest selling added 11 cents to close at $125.46 and the lowest selling rate clawed back $18.71 to be at $116.40.
The highest buying rate for the Canadian dollar climbed $2.55 to $93.85, the lowest buying rate remained at $71.80, the highest selling rate rose $1 to end at $94.85 and the lowest selling rate jumped $4 to $87.50. The highest buying rate for the British Pound, rose 60 cents to end at $182.80. The lowest buying rate rose $1.33 to $146.95, the highest selling rate dropped 84 cents to $186.89 and the lowest selling rate shed $2.10 to close at $173.90.
J$ slippage resumes on Wednesday
Jamaica’s forex market remained normal on Wednesday, with volumes in the thirty million dollar region. Trading ended with the equivalent of US$32,289,465 bought by dealers, compared with US$23,638,977 on Tuesday, while they sold the equivalent of US$34,427,833 versus US$26,888,583 previously.
In US dollar trading , dealers bought US$28,863,222 compared to US$21,150,981 on Tuesday. The buying rate for the US dollar climbed 19 cents to $118.61 and US$33,034,094 was sold versus US$25,239,896 on Tuesday, the selling rate rose 9 cents to $119.32. 
The Canadian dollar buying rate rose 76 cents to end at $88.67, with dealers buying C$1,012,619 and selling C$319,641, at an average rate that fell 25 cents to $90.50. The rate for buying the British Pound climbed 84 cents to $178.89 for the purchase of £1,707,051, while £590,251 was sold, at an average rate that eased 3 cents to $180.57. At the end of trading, it took J$134.29 to purchase the Euro, with an increase of 61 cents on Tuesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$131.38, for a rise of 4 cents on Tuesday’s rate. The US dollar equivalent of other currencies traded, amounts to US$94,506 being bought, while US$258,026 was sold.
Highs & Lows| The highest buying rate for the US dollar fell 25 cents on Wednesday to $119.55, the lowest buying and the highest selling rates ended unchanged at $97.82 and $125.35 respectively and the lowest selling rate fell back $18.41 to $97.69.
The highest buying rate for the Canadian dollar climbed 20 cents to $91.30, the lowest buying rate fell 20 cents to $71.80, the highest selling rate rose 69 cents to end at $93.85 and the lowest selling rate dropped $3.25 to $83.50. The highest buying rate for the British Pound, rose $1 to end at $182.20. The lowest buying rate was unchanged at $145.62, the highest selling rate jumped $2.63 to $187.73 and the lowest selling rate climbed $2 to close at $176.
Jamaica’s forex returns to normal on Tuesday
Jamaica’s forex market returned to normal on Tuesday, with volumes being low at this time of the year. Trading ended in the foreign exchange market with the equivalent of US$23,638,977 bought by dealers, compared with US$87,964,632 on Monday, while they sold the equivalent of US$26,888,583 versus US$82,948,742 previously.
In US dollar trading , dealers bought US$21,150,981 compared to US$84,551,283 on Monday. The buying rate for the US dollar declined 51 cents to $118.42 and US$25,239,896 was sold versus US$81,821,341 on Monday, the selling rate was unchanged at $119.23. 
The Canadian dollar buying rate rose 10 cents to end at $87.91, with dealers buying C$1,071,330 and selling C$926,454, at an average rate that rose 57 cents to $90.75. The rate for buying the British Pound climbed 93 cents to $178.05 for the purchase of £1,023,198, while £506,853 was sold, at an average rate that climbed $1.15 to $180.60. At the end of trading, it took J$133.68 to purchase the Euro, with a decline of 77 cents from Monday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$131.34, for a fall of 23 cents from Monday’s rate. The US dollar equivalent of other currencies traded, amounts to US$154,247 being bought, while US$175,823 was sold.
Highs & Lows| The highest buying rate for the US dollar rose 35 cents on Tuesday to $119.80, the lowest buying rate put on 21 cents to end at $97.82, the highest selling rate gained 16 cents to end at $125.35 and lowest selling rate jumped $18.41 to $116.10. 
The highest buying rate for the Canadian dollar dropped 90 cents to $91.10, the lowest buying rate gained 58 cents to $72, the highest selling rate fell $1.04 to end at $93.16 and the lowest selling rate jumped $2.75 to $86.75. The highest buying rate for the British Pound, rose 65 cents to end at $181.20. The lowest buying rate leapt $4.42 to $145.62, the highest selling rate dived $2.20 to $185.10 and the lowest selling rate climbed $11.70 to close at $174.
More J$ losses vs US on Friday
The Jamaican dollar lost further grounds against the US dollar at the end of trading on Friday, with the local currency ending at $119.24 to buy the United States currency. Trading ended in the foreign exchange market with the equivalent of US$26,531,581 bought by dealers, compared with US$27,465,721 on Thursday, while they sold the equivalent of US$29,137,984 versus US$29,489,151 previously.
In US dollar trading , dealers bought US$23,410,069 compared to US$24,803,259 on Thursday. The buying rate for the US dollar rose 1 cent to $118.46 and US$27,690,189 was sold versus US$27,712,745 on Thursday, the selling rate gained 9 cents to end at $119.24. 
The Canadian dollar buying rate dropped $1.36 to end at $87.07, with dealers buying C$718,176 and selling C$872,160, at an average rate that rose $1.08 to $90.59. The rate for buying the British Pound rose $1.48 to $178.51 for the purchase of £1,655,753, while £452,300 was sold, at an average rate that declined 11 cents to $179.45. At the end of trading, it took J$133.50 to purchase the Euro, with a rise of 60 cents on Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$130.72, for a gain of 60 cents on Thursday’s rate. The US dollar equivalent of other currencies traded, amounts to US$98,604 being bought, while US$104,457 was sold.
Highs & Lows| The highest buying rate for the US dollar jumped $2.17 on Friday to $119.52, the lowest buying rate rose $1.88 to end at $97.70, the highest selling rate was up $2.41 to $125.19 while the lowest selling rate dropped $17.01 to $97.69.
The highest buying rate for the Canadian dollar dived $2.90 to $90.10, the lowest buying rate dropped $2.94 to $71.05, the highest selling rate dipped $3.80 to end at $92.60 and the lowest selling rate fell $4.15 to $85. The buying and selling rates of the British Pound, all fell with buying rates falling $2.80 and $18.92 to $181.20 and $128.20 respectively and the highest selling and lowest selling rates falling $1.73 to $185.65 and $2.45 to close at $174.80 respectively.
More Jamaican dollar losses on Thursday
The Jamaican dollar lost further grounds against the US dollar at the end of trading on Thursday, with the local currency ending at $119.15 to buy the green back. Trading ended in the foreign exchange market with the equivalent of US$27,465,721 bought by dealers, compared with US$28,756,679 on Wednesday, while they sold the equivalent of US$29,489,151 versus US$32,772,881 previously.
In US dollar trading , dealers bought US$24,803,259 compared to US$25,863,046 on Wednesday. The buying rate for the US dollar rose 10 cents to $118.45 and US$27,712,745 was sold versus US$31,422,964 on Wednesday, the selling rate gained 9 cents to end at $119.15.
The Canadian dollar buying rate jumped $2.33 to end at $88.43, with dealers buying C$1,927,180 and selling C$1,617,812, at an average rate that rose 89 cents to $89.51. The rate for buying the British Pound fell 83 cents to $177.03 for the purchase of £758,888, while £295,490 was sold, at an average rate that declined 59 cents to $179.56. At the end of trading, it took J$132.90 to purchase the Euro, with a fall of 69 cents from Wednesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$130.12, for a loss of 65 cents from Wednesday’s rate. The US dollar equivalent of other currencies traded, amounts to US$89,512 being bought, while US$115,794 was sold. Highs & Lows| The highest buying rate for the US dollar dropped $2 on Thursday to $117.35, the lowest buying rate lost $1.71 to end at $95.82, the highest selling rate was up 14 cents to $122.78 while the lowest selling rate climbed $17.17 to $114.70. 
The highest buying rate for the Canadian dollar gained $4 to $93, the lowest buying rate rose $3.65 to $73.99, the highest selling rate rose $5.15 to end at $96.40 and the lowest selling rate jumped $4.65 to $89.15. The highest buying rate for the British Pound, increased $3.50 to end at $184. The lowest buying rate climbed $2.16 to $147.12, the highest selling rate gained $2.61 to $187.38 and the lowest selling rate jumped $2.75 to close at $177.25.
J$ steadies vs US on Wednesday
The Jamaican dollar selling rate held firm against the US dollar at the end of trading on Wednesday, with the local currency ending at $119.06 to buy the green back. Trading ended in the foreign exchange market with the equivalent of US$28,756,679 bought by dealers, compared with US$29,680,202 on Tuesday, while they sold the equivalent of US$32,772,881, versus US$37,843,436 previously.
In US dollar trading , dealers bought US$25,863,046 compared to US$26,694,055 on Tuesday. The buying rate for the US dollar rose 2 cents to $118.35 and US$31,422,964 was sold versus US$36,211,236 on Tuesday, the selling rate remained at $119.06. The Canadian dollar buying rate lost 36 cents to end at $86.10, with dealers buying C$639,293 and selling C$531,137, at an average rate that fell 5 cents to $88.62. 
The rate for buying the British Pound fell 51 cents to $177.86 for the purchase of £1,431,722, while £443,937 was sold, at an average rate that rose 36 cents to $180.15. At the end of trading, it took J$133.58 to purchase the Euro, with a rise of 21 cents from Tuesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$130.77, for a gain of 9 cents from Tuesday’s rate. The US dollar equivalent of other currencies traded, amounts to US$276,781 being bought, while US$282,829 was sold.
Highs & Lows| The highest buying rate for the US dollar rose 5 cents on Wednesday to $119.35, the lowest buying rate added 9 cents to end at $97.53, the highest selling rate was unchanged at $122.64 while the lowest selling rate climbed $10.33 to $97.33.
The highest buying rate for the Canadian dollar gained 50 cents to $89, the lowest buying rate lost 42 cents to $70.34, the highest selling rate rose 31 cents to end at $91.25 and the lowest selling rate was unchanged at $84.50. The highest buying rate for the British Pound, increased 25 cents to end at $180.50. The lowest buying rate lost 29 cents to $144.96, the highest selling rate gained 26 cents to $184.77 and the lowest selling rate dropped 50 cents to close at $174.50.
New low for Jamaican $ on Tuesday
The Jamaican dollar slipped to its lowest level against the US dollar at the end of trading on Tuesday, with the local currency ending at $119.06 to buy the green back. Trading ended in the foreign exchange market with the equivalent of US$29,680,202 bought by dealers, compared with US$45,002,605 on Monday, while they sold the equivalent of US$37,843,436, versus US$35,574,946 previously.
In US dollar trading , dealers bought US$26,694,055 compared to US$40,969,765 on Monday. The buying rate for the US dollar fell 4 cents to $118.33 and US$36,211,236 was sold versus US$34,148,900 on Monday, the selling rate climbed 7 cents to close at $119.06 The Canadian dollar buying rate lost $1.08 to end at $86.46, with dealers buying C$784,688 and selling C$652,773, at an average rate that fell 17 cents to $88.67. 
The rate for buying the British Pound rose $1.40 to $178.37 for the purchase of £1,417,527, while £549,830 was sold, at an average rate that rose 9 cents to $179.79. At the end of trading, it took J$133.37 to purchase the Euro, with a rise of 38 cents from Monday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$130.68, for a gain of 31 cents from Monday’s rate. The US dollar equivalent of other currencies traded, amounts to US$275,982 being bought, while US$315,768 was sold.
Highs & Lows| The highest buying rate for the US dollar fell 20 cents on Tuesday to $119.30, the lowest buying rate was unchanged at $97.44, the highest selling rate dropped $2.23 to $122.64 while the lowest selling rate dived $12.17 to $87.20. 
he highest buying rate for the Canadian dollar dipped $1.50 to $88.50, the lowest buying rate lost 4 cents to $70.76, the highest selling rate fell $1.36 to end at $90.94 and the lowest selling rate jumped $10.94 to $84.50. The highest buying rate for the British Pound, lost 45 cents to end at $180.25. The lowest buying rate lost 21 cents to $145.25, the highest selling rate dropped $3.02 to $184.50 and the lowest selling rate remained unchanged at $175.
Big island states poor currency performers
The smaller economies within the Caribbean region appear to be better managed than the larger economies in the region. IC Insider.com looked at the exchange movements of Jamaica, Costa Rica, Guyana and Dominica Republic between 1972 to date, to see how they performed against each other.
No studies appear to be have been done on this feature of the region and the major reasons why large states seems to be managed so poorly compared to the much smaller ones. The major movement in exchange rates of the countries’ currencies against the United States dollar speaks eloquently of the differences in management quality or could it be that the larger countries are much more difficult to manage? The smaller islands of Barbados, the Eastern Caribbean and the Cayman Islands have maintained the value of their currencies to that of the US from 1972 until now.
At the beginning of 1972 it took 6.635 colon to purchase one United States dollar, by 1989, the amount increased to 79.7335 colon for an increase of 12 times the 1972 value. By the end of 1999 it required 50 times the amount in 1972 or 331.796 colons to buy the US dollar. By 2009 it took 554.5 colon to buy the US dollar or 83.6 times the amount in 1972. As of September this year it requires 80.2 times the amount in 1972 to purchase the US dollar which trades at 532.45 colon to US$1.
In the case of Guyana it took GY$2.087 in 1972 to buy the Us dollar but by 1989 it required 13.4 times the amount as in 1972 as the rate slipped to GY$27.95. By 1999 it was taking GY$178.63 or 85.6 times the 1972 figure, for the next ten years the change slowed markedly to GY$202.876 or 97 times the 1972 and in September 2015 the rate inched up to GY$205.79.
In the case of Dominican Republic it took 1 peso in 1972 to buy the Us dollar but by 1989 it required 6.53 times the amount as in 1972 as the rate slipped to 6.53 pesos. By 1999 it was taking 16.09 or 16 times the 1972 figure. By 1999 the Dominican peso fell further in value, requiring 35.35 pesos or 35 times the 1972 figure to buy the buck. In September 2015 the rate climbed to 44.26 pesos to the US dollar or 44 times the amount in 1972.
Jamaica has turned out to be by far, the worst performing currency in the Caribbean region since 1972 and probably the worst managed economy. Between 1972 and September this year, it takes 154.55 more Jamaican dollar to buy one United States dollar as the country’s economy has performed poorly. Having been trading at 77 Jamaican cents to the US dollar for a number of years, by the January 10, 1973, the Jamaican dollar was devalued by 15 percent to 91 cents to one US dollar. On the January 13, 1978, the official rate had moved to $1.05, by May 10, the rate ended at $1.55 and ended at $1.69 on the last day of the year. On May 2, 1979 the rate moved to $1.78 where it stayed until November 1983, at which stage the rate moved to $3.15. By 1985 the rate climbed to $5.50 and to $6.50 by the end of 1989, taking 365 percent more Jamaican dollars to buy the US dollar, since 1983 and requiring 8.44 times the amount in 1972.
Ten years later in 1999, the rate reached $41.42, requiring 637 percent more local currency to but one US dollar than ten years before, and 53.8 times the amount in 1972. By the end of 2009, the rate moved to $89.60, requiring just over twice the amount of Jamaican dollars for one US dollar. At the end of trading on Friday September 25, 2015 at just over $119 to 1 US dollar for the first time, requiring 33 percent more Jamaican dollars to purchase the US dollar, than at the end of 2009.
J$ slips below 119 to US$1 on Monday
Trading ended Monday in the foreign exchange market with the equivalent of US$45,002,605 bought by dealers, compared with US$32,449,484 on Friday, while they sold the equivalent of US$35,574,946, versus US$29,004,619 previously as the selling rate for the US dollar dropped below the $119 level by 3 cents.
In US dollar trading , dealers bought US$40,969,765 compared to US$30,260,875 on Friday. The buying rate for the US dollar fell 8 cents to $118.37 and US$34,148,900 was sold versus US$27,678,764 on Friday, the selling rate fell 3 cents to close at $118.99.
The Canadian dollar buying rate added 63 cents to end at $87.55, with dealers buying C$1,811,574 and selling C$1,009,947, at an average rate that rose 29 cents to $88.84. The rate for buying the British Pound dropped $1.12 to $176.97 for the purchase of £1,118,515, while £351,758 was sold, at an average rate that dropped $1.70 to end at $179.70. At the end of trading, it took J$132.99 to purchase the Euro, with a drop by $1.32 from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$130.37, for a fall of $1.57 from Friday’s rate. The US dollar equivalent of other currencies traded, amounts to US$1,020,657 being bought, while US$140,799 was sold.
Highs & Lows| The highest buying rate for the US dollar climbed 38 cents on Monday to $119.50, the lowest buying and the highest selling rates were unchanged at $97.44 and $124.87 respectively while the lowest selling rate rose $1.92 to $99.37. 
The highest buying rate for the Canadian dollar rose 31 cents to $90, the lowest buying rate gained 37 cents to $70.80, the highest selling rate climbed 77 cents to end at $92.30 and the lowest selling rate dropped $11.94 to $73.56. The highest buying rate for the British Pound, lost 80 cents to end at $180.70. The lowest buying rate, the highest and lowest selling rates remained unchanged at $145.46, $187.52 and $175 respectively.