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US$ bungle Net inflows into Jamaican FX market continues to build, with another US$10 million haul, added to the stock pile of dealers, bringing the net intake by authorized dealers in just over the last two weeks just US$53 million. With less than half way through July, the net inflows is likely to build even more as inflows improve during the high summer months.
In Wednesday’s trading, dealers bought US$34,994,312 while they sold only US$24,571,087, compared to US$34,285,976 purchased and US$33,801,066 sold on Tuesday of all currencies. As inflows continue to out pace outflows, the local dollar seems heading for some level of revaluation versus the US dollar, the help reduce the stock pile of funds.
In US dollar trading, dealers bought US$32,067,439 compared to US$30,509,159 on Tuesday as the buying rate for the US dollar climbed 3 cents to $125.69. A total of US$22,288,467 was sold FX sum 13-07-16versus US$30,651,019 on Tuesday with the selling rate easing by 4 cents to end at $126.34. The Canadian dollar buying rate rose by 13 cents to end at $93.71, with dealers buying C$761,670 and selling C$1,442,461, at an average rate that climbed 96 cents to $98.70. The average rate for buying the British Pound dropped $1.14 to $162.28 for the purchase of £1,744,609, while £628,819 was sold, with the rate rising $1.19 to $166.36.
At the end of trading, the selling rate for Euro, dropped $1.69 to close at J$138.79 from Tuesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$134.39, for a fall of $2.89 from Tuesday’s rate.FX HL 13-07-16 The US dollar equivalent of other currencies traded amounts to US$106,485 being bought, while US$327,708 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Wednesday, include, a rise of $2.45 in the highest buying rate of the Canadian Dollar to $99.05 while the lowest selling rate fell by $1 to $91. The highest selling rate of the British Pound jumped $1.57 to $171.70 and the lowest selling rate fell 93 cents to end at $157.

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