Bank of Jamaica intervened for the second consecutive day in the foreign exchange market on Tuesday allowing the local dollar remain steady against the United States dollar, as dealers bought over $8 million more than they sold.
The foreign exchange market closed on Tuesday, with dealers buying the equivalent of US$88,926,675 and selling US$80,478,200, in contrast to US$66,689,913 purchased and US$71,064,031 sold on Friday.
In US dollar trading, dealers bought US$84,018,742 compared to US$63,725,324 on Friday, as the buying rate for the US dollar fell 2 cents to $124.97. A total of US$77,992,668 was sold versus US$69,202,703 on Friday with the selling rate remaining unchanged at $125.42.
The Canadian dollar buying rate rose 83 cents to end at $92.59 with dealers buying C$1,737,564 and selling C$1,127,018, at an average rate that climbed by 17 cents to $96.05. The rate for buying the British Pound rose 8 cents to $178.67 for the purchase of £2,408,311, while £1,085,269 was sold, with the rate falling 61 cents to $180.89. At the end of trading, the selling rate for Euro, rose 21 cents to close at J$140.64, from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$138.04, for a rise 65 cents on Friday’s rate. The US dollar equivalent of other currencies traded amounts to US$177,430 being bought, while US$57,166 was sold.
Highs & Lows| Notable changes to the highest and lowest rates the Jamaican dollar traded at in the foreign exchange market on Tuesday, include, a fall of $1.38 in the lowest selling rate of the US dollar to end at $101.74, an increase in the highest buying rate of $1 to $96.50 for the Canadian dollar , a rise of $1 in the highest selling rate to $99.50, a rise of $11.05 in the lowest selling rate to end at $90, a fall of 86 cents in the highest selling rate for the British Pound to $187.92.
BOJ’s intervention steadies J$
TT$ drops 4.7% with US$ shortage
Jamaica is not the only country in the Caribbean undergoing exchange rate adjustment. Trinidad and Tobago that has had a long period of steady exchange rate versus the US dollar is now seeing its currency lose value.
At least one company, National Flour Mills speak of shortage of foreign currency to do their business.
While devaluation has been commonplace for some time in Jamaica, the country’s neighbor, Trinidad and Tobago who have had seen a steady exchange rate versus the US dollar for years, at around $6.30 has now seen a near 5 percent devaluation of their currency with the rate falling from $6.32 in October last year to $6.63 currently for a devaluation of 4.7 percent against the United States currency.
The rate could slip even more, with the price of oil on the world market below US$50 a barrel starving the country that is highly dependent on oil revenues to fuel its economy, coupled with high levels of inflation over a number of years while the exchange rate remained stable.
Jamaican dollar has lost close to 5 percent in its value this year against the United States dollar, taking the exchange rate over $125 to the US even as inflation for the year to date is negative. Since the start of 2015 the local dollar has fallen from $114.66 to the current rate of $125.43 a decline of 9.4 percent and beating the rate of inflation for the same period by 8.5 percent.
BOJ intervenes but J$ still sinks
BOJ sold US dollars into the system on Monday
The foreign exchange market closed on Friday, with dealers buying the equivalent of US$66,689,913 and selling US$71,064,031, in contrast to US$29,951,569 purchased and US$32,955,410 sold on Thursday.
In US dollar trading, dealers bought US$63,725,324 compared to US$25,380,999 on Thursday, as the buying rate for the US dollar rose 51 cents to $124.99.
A total of US$69,202,703 was sold versus US$28,555,052 on Thursday with the selling rate rising 9 cents to $125.42. The Canadian dollar buying rate dropped $1.10 to end at $91.76 with dealers buying C$620,487 and selling C$945,581, at an average rate that declined by 32 cents to $95.88. The rate for buying the British Pound dropped $1.97 to $178.59 for the purchase of £1,620,012, while £648,114 was sold, with the rate falling 66 cents to $181.50.At the end of trading, the selling rate for Euro, fell 72 cents to close at J$140.43, from Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$137.39, for a fall of 77 cents on Thursday’s rate. The US dollar equivalent of other currencies traded amounts to US$194,210 being bought, while US$200,617 was sold.
Highs & Lows| Notable changes to the highest and lowest rates the Jamaican dollar traded at in the foreign exchange market on Friday, include, a fall of $1.15 in the highest buying rate of the US dollar to end at $125.85 and an increase in the lowest selling rate of $2 to $103.12, a decline of $11.05 in the lowest selling rate of Canadian dollar to end at $78.95, a fall of $1.10 in the highest buying rate for the British Pound to $183.50 and a rise of $2.20 in the lowest selling rate to $172.20.
It’s J$125.33 for one US$
On Thursday it took an average of 125.33 Jamaican dollars to purchase one United States dollar, at the end of foreign exchange trading, as the currency held above the J$125 mark for the second day in a row.
The foreign exchange market closed on Thursday, with dealers buying the equivalent of US$29,951,569 and selling US$32,955,410, in contrast to US$40,133,137 purchased and US$46,227,120 sold on Wednesday.
In US dollar trading, dealers bought US$25,380,999 compared to US$36,205,793 on Wednesday, as the buying rate for the US dollar rose 12 cents to $124.48.
A total of US$28,555,052 was sold versus US$42,868,784 on Wednesday with the selling rate rising 19 cents to $125.33. The Canadian dollar buying rate rose 11 cents to end at $92.86 with dealers buying C$849,941 and selling C$584,510, at an average rate that declined by $1.02 to $96.20. The rate for buying the British Pound climbed $3.37 to $180.56 for the purchase of £2,675,978, while £1,792,447 was sold, with the rate rising by $2.31 to $182.16.
At the end of trading, the selling rate for Euro, fell 32 cents to close at J$141.15, from Wednesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$138.16, for a fall of 21 cents on Wednesday’s rate. The US dollar equivalent of other currencies traded amounts to US$55,064 being bought, while US$1,346,464 was sold.
Highs & Lows| Notable changes to the highest and lowest rates the Jamaican dollar traded at in the foreign exchange market on Thursday, include, a rise of $1.20 in the highest buying rate of the US dollar to end at $127, a decline of $1.05 in the highest buying rate of Canadian dollar to end at $95.50, a fall of $1 in the lowest selling rate to end at $90, a rise of $1.80 in the highest buying rate for the British Pound to $184.60, a drop of $4.79 to $144.42 in the lowest buying rate, a rise of $3.03 to $187.92 for the highest selling rate and a fall of $2.80 in the lowest selling rate to $170.
It’s now J$125.14 for one US$
On Wednesday it took an average of 125.14 Jamaican dollars to purchase one United States dollar, at the end of foreign exchange trading, as the currency hit the J$125 mark for the first time.
The foreign exchange market closed on Wednesday, with dealers buying the equivalent of US$40,133,137 and selling US$46,227,120, in contrast to US$32,413,054 purchased and US$36,833,568 sold on Tuesday.
In US dollar trading, dealers bought US$36,205,793 compared to US$28,797,954 on Tuesday, as the buying rate for the US dollar rose 44 cents to $124.36. A total of US$42,868,784 was sold versus US$35,336,806 on Tuesday with the selling rate rising 34 cents to $125.14. 
The Canadian dollar buying rate dropped 76 cents to end at $92.75 with dealers buying C$869,892 and selling C$2,176,462, at an average rate that rose by $2.10 to $97.22. The rate for buying the British Pound climbed 81 cents to $177.19 for the purchase of £1,538,320, while £971,130 was sold, with the rate rising by $1.53 to $179.85.
At the end of trading, the selling rate for Euro, rose 24 cents to close at J$141.48, from Tuesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$138.37, for a rise of 17 cents on Tuesday’s rate. The US dollar equivalent of other 
currencies traded amounts to US$1,086,558 being bought, while US$271,713 was sold.
Highs & Lows| Notable changes to the highest and lowest rates the Jamaican dollar traded at in the foreign exchange market on Wednesday, include, a rise of $3.80 in the lowest selling rate of Canadian dollar to end at $91, a rise of $1.50 in the highest buying rate for the British Pound to $182.80, a jump of $6.86 to $149.21 in the lowest buying rate and a rise of $2.60 to $172.80 for the lowest selling rate.
US$ just 20 cents shy of J$125
The Jamaican dollar is just 20 cents away from taking 125 of the local currency to buy one United States dollar, at the end of foreign exchange trading on Tuesday.
The foreign exchange market closed on Tuesday, with dealers buying the equivalent of US$32,413,054 and selling US$36,833,568, in contrast to US$47,761,762 purchased and US$44,338,122 sold on Monday.
In US dollar trading, dealers bought US$28,797,954 compared to US$44,507,300 on Monday, as the buying rate for the US dollar rose 9 cents to $123.92.
A total of US$35,336,806 was sold versus US$42,340,729 on Monday with the selling rate rising 15 cents to $124.80. The Canadian dollar buying rate jumped $1.25 to end at $93.51 with dealers buying C$1,052,007 and selling C$423,883, at an average rate that fell by $1.38 to $95.12. The rate for buying the British Pound climbed $1.47 to $176.39 for the purchase of £1,929,828, while £620,568 was sold, with the rate rising by 90 cents to $178.32.
At the end of trading, the selling rate for Euro, rose 49 cents to close at J$141.24, from Monday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$138.20, for a rise of 45 cents on Monday’s rate.
The US dollar equivalent of other currencies traded amounts to US$74,437 being bought, while US$287,024 was sold.
Highs & Lows| Notable changes to the highest and lowest rates the Jamaican dollar traded at in the foreign exchange market on Tuesday, include, a decline of $1.75 in the highest buying rate of Canadian dollar to end at $97 and a fall of $1.80 in the lowest selling rate to $87.20. The highest buying rate for the British Pound rose $1.65 to $181.30.
Jamaica’s $ competitiveness may be up 5%
The Jamaican dollar may have gained 5 percent in competitiveness for the year to date against the US dollar. The closing selling rate for 2015 ended at $120.42 and has so far slipped by 3.5 percent to Monday, with inflation being negative 1.7 percent between January and April this year, the Jamaican dollar has picked competitiveness above the change in the rate of exchange.
The foreign exchange market closed on Monday, with dealers buying the equivalent of US$47,761,762 and selling US$44,338,122, in contrast to US$35,541,148 purchased and US$47,935,497 sold on Friday with the rate for the important US dollar rising to record new lows for the Jamaican dollar.
In US dollar trading, dealers bought US$44,507,300 compared to US$32,883,247 on Friday, as the buying rate for the US dollar rose 5 cents to $123.83.
A total of US$42,340,729 was sold versus US$41,138,924 on Friday with the selling rate rising 8 cents to $124.65. The Canadian dollar buying rate dipped 8 cents to end at $92.26 with dealers buying C$1,069,725 and selling C$866,429, at an average rate that rose 86 cents to $96.50. The rate for buying the British Pound fell 89 cents to $174.92 for the purchase of £1,621,031, while £658,096 was sold, with the rate falling $1.81 to $177.42.
At the end of trading, the selling rate for Euro, fell $1.08 to close at J$140.75, from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$137.76, for a fall of $1.14 from Friday’s rate. The US dollar equivalent of other currencies traded amounts to US$167,489 being bought, while US$390,004 was sold.
Highs & Lows| Notable changes to the highest and lowest rates the Jamaican dollar traded at in the foreign exchange market on Monday, include, a decline in the highest selling rate of $29.21 for the US dollar to $130.79, a drop of $19.40 in the lowest selling rate to end at $100.70. There was a rise of $3.45 in the highest buying rate of Canadian dollar to end at $98.75 and a rise of $3.11 in the lowest buying rate to end at $76.11, while the lowest selling rate fell $2 to $89. The highest buying rate for the British Pound dropped $3.35 to $179.65 and the highest selling rate slipped $1.08 to $184.68.
Sales exceed buying by US$12.5m – Friday
The foreign exchange market closed on Friday, with dealers buying the equivalent of US$35,541,148 and selling US$47,935,497, in contrast to US$34,538,580 purchased and US$28,970,535 sold on Thursday. The net amount sold includes US$4 equivalent of the Pound was sold than the amount purchased by dealers.
In US dollar trading, dealers bought US$32,883,247 compared to US$31,823,942 on Thursday, as the buying rate for the US dollar rose 13 cents to $123.78. A total of US$41,138,924 was sold versus US$26,895,108 on Thursday with the selling rate rising 21 cents to $124.57.
The Canadian dollar buying rate dipped $1.47 to end at $92.34 with dealers buying C$668,675 and selling C$415,469, at an average rate that lost $1.02 to $95.64. The rate for buying the British Pound fell 35 cents to $175.81 for the purchase of £1,451,605, while £4,434,263 was sold, with the rate climbing by 60 cents to $179.63.
At the end of trading, the selling rate for Euro, fell 11 cents to close at J$141.83, from Thursday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$138.90, for a fall of 10 cents from Thursday’s rate. The US dollar equivalent of other currencies traded amounts to US$97,337 being bought, while US$97,985 was sold.
Highs & Lows| Notable changes to the highest and lowest rates the Jamaican dollar traded at in the foreign exchange market on Friday, include, a rise of $29.54 in the highest selling rate of US dollar to end at $160, a rate that seems out of line with other rates the US dollar traded at. There was a fall of $2.90 in the highest buying rate of Canadian dollar to end at $95.30 and a fall of $3.11 in the lowest buying rate to end at $73, lowest selling rate jumped $6.50 to end at $91. The highest buying rate for the British Pound rose $2.50 to $183 and the lowest selling rate slipped $1 to $170.
More FX bought than sold – Thursday
The foreign exchange market closed on Thursday, with dealers buying the equivalent of US$34,538,580 and selling a lesser amount of US$28,970,535, in contrast to US$30,075,609 purchased and US$34,894,176 sold on Wednesday.
In US dollar trading, dealers bought US$31,823,942 compared to US$27,452,160 on Wednesday, as the buying rate for the US dollar rose 22 cents to $123.65. A total of US$26,895,108 was sold versus US$33,361,430 on Wednesday with the selling rate rising 21 cents to $124.36. The Canadian dollar buying rate climbed 29 cents to end at $93.81 
with dealers buying C$921,762 and selling C$578,798, at an average rate that gained $1.01 to $96.66. The rate for buying the British Pound rose 21 cents to $176.16 for the purchase of £1,346,582, while £655,809 was sold, with the rate climbing by 45 cents to $178.63.
At the end of trading, the selling rate for Euro, rose 70 cents to close at J$141.94, from Wednesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$139, for a rise of $1.01 from Wednesday’s rate. The US dollar equivalent of other currencies traded amounts to US$96,933 being bought, while US$683,621 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates for the Jamaican dollar in the foreign exchange market on Thursday are, a rise of $19.37 in the lowest selling rate of US dollar to end at $119.90, a rise of $1.40 in the highest buying rate of Canadian dollar to end at $98.20 and a fall of $5.50 in the lowest selling rate to end at $84.50. There was a fall of $1 in the highest buying rate for the British Pound to $180.50, a decline of $6.17 in the lowest buying rate to $142.51 and a jump of $3.04 in the highest selling rate to $185.76.
Jamaican$ almost 125 to US$ – Wednesday
The foreign exchange market closed on Wednesday, with dealers buying the equivalent of US$30,075,609 and selling US$34,894,176, in contrast to US$28,998,834 purchased and US$45,337,734 sold on Tuesday.
In US dollar trading, dealers bought US$27,452,160 compared to US$25,822,561 on Tuesday, as the buying rate for the US dollar rose 50 cents to $123.43. 
A total of US$33,361,430 was sold versus US$28,682,783 on Tuesday with the selling rate rising 20 cents to $124.15. The Canadian dollar buying rate climbed $1.10 to end at $93.52 with dealers buying C$910,251 and selling C$591,647, at an average rate that gained $1.03 to $95.65. The rate for buying the British Pound rose 51 cents to $175.95 for the purchase of £1,263,299, while £667,095 was sold, with the rate dropping by $1.96 to $178.18.
At the end of trading, the selling rate for Euro, rose 8 cents to close at J$141.24, from Tuesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$137.99, a fall of 19 cents from Tuesday’s rate. The US dollar equivalent of other currencies traded amounts to US$132,877 being bought, while US$119,499 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates for the Jamaican dollar against the main currencies on Wednesday are, a rise of $1.80 in the highest buying rate of Canadian dollar to end at $96.80 and a rise of $5.50 in the lowest selling rate to end at $90. A rise of $3.20 in the highest buying rate for the British Pound to $181.50, a rise of $6.83 in the lowest buying rate to $148.68 and a fall of $1.85 in the lowest selling rate to $171.
