The value of the Jamaican dollar climbed against the US dollar at the start of the week, versus the close on Friday, with the selling rate for the US dollar falling to J$128.22 from J$128.39 previously.
Dealers bought the US currency at an average of J$127.28, up from JS$127.27 on Friday.
Inflows into the Jamaican foreign exchange market declined on Monday compared to the same day last week, but selling by dealers dropped compared last week, more than compensating for the week over week fall in inflows.
Dealers purchased US$46 million compared to US$37 million bought on Friday and sold US$30.4 million, of all currencies compared to US$26 million sold on Friday. In USA dollar trading, inflows into the system ended at US$39 million versus US$33 million on Friday, while selling amounted to US$25.8 million versus US$22 million previously.
The selling rate for the Canadian dollar rose to J$101.55 from J$101.44 at the close on Friday, while the British Pound was less costly at the close on Friday, with J$165.89 buying the British currency versus J$166.41 on Friday and the euro, rose in value against the Jamaican dollar, with it taking J$148.91 to buy the European common currency on Friday, versus Friday’s J$145.65.
Inflows into the Jamaican foreign exchange market rose during the past week, compared to the first week in July and selling by dealers dropped. Dealers purchased US$220 million of all currencies, US$6 million more than in the previous week and sold US$165 million, down $15 million for the same period.
USA dollar entered the system up from US$30 million in the first week of the month.
The Jamaican dollar gave back 9 cents of its value as measured by the average selling rate for the United States dollar on Thursday as net inflows into the Jamaican foreign exchange market declined on Thursday from the net position on Wednesday.
Dealers purchased US$37 million and sold US$29 million, of all currencies on Thursday. On Wednesday, US$47.87 million entered the market and US$32.54 million was sold to the public.
A net increased inflows of foreign currency entered the Jamaican foreign exchange market on Wednesday, leading to the value of the Jamaican dollar gaining 9 cents against the United States dollar. At the close, the United States currency was being sold at an average of J$128.30, down from J$128.39 on Tuesday.
The value of the Jamaican dollar slipped by 2 cents against the United States dollar rising to J$128.39 from J$128.37 on Monday. Dealers bought the US currency at J$127.52 up from JS$127.49 previously.
Dealers in Jamaica’s foreign currency market saw the equivalent of US$13 million more funds coming into the system than left, helping to drive the value of Jamaican dollar further upwards with the selling rates of the United States dollar dropping to J$128.37, down from J$128.43 on Friday.
The selling rate for the Canadian dollar rose to J$99.98 compared to J$99.79 at the close on Friday, while the British Pound cost less at the close on Monday, with J$163.85 buying the British currency versus J$165.19 on Friday and the Jamaican dollar gained value against the euro, with it taking J$146.69 to buy the European common currency on Monday versus Friday’s rate of J$148.09.
After slipping modestly against the US dollar on Thursday the Jamaican dollar resumes its more than one month revaluation again on Friday, as inflows of foreign exchange continues to exceed outflows at an increasing rate.
Flows for the US dollar in July, ended with US$177.55 million flowing into the system and $147.7 million flowing out, compared to US$172.14 million and US$158.43 million respectively in June.
Trading levels, picked up sharply from the low levels on Tuesday, with US$58.7 million entering the market and US$42.25 million leaving.
The Jamaican dollar recorded further gains at the close of foreign exchange Tuesday with the selling rate of J$128.46 for one US dollar, down from J$128.50 it ended at on Monday.