US$ build grows to US$124m on Monday

Jamaica’s foreign exchange dealers bought US$8 million more than the amount sold on Monday driving the surplus bought since the end of June to US$124 million. On Monday dealers bought $6.55 million more than they sold adding to the near US$11 million excess purchase on Friday but that did not prevent the average rate for buying the United States dollar from rising. The local currency gained versus the pound, while the selling rate of the Canadian dollar rose against the Jamaica dollar.
In Monday’s trading, dealers bought US$37,926,234 while they sold US$29,940,137 compared to US$37,754,708 purchased and US$25,565,625 sold on Friday, of all currencies.
In US dollar trading, dealers bought US$34,783,369 compared to US$33,387,006 on Friday. The buying rate for the US dollar declined 12 cents to $125.81. A total of US$28,229,128 was sold versus US$22,715,862 on Friday, with the selling rate rising 4 cents to end at $126.68. The Canadian dollar buying rate dropped $1.09 cents to end at $92.22, with dealers buying C$1,210,434 and selling C$724,632 at an average rate that rose by 30 cents to $96.04. The average rate for buying the British Pound dropped $2.01 to $161.96 for the purchase of £1,575,303, while £623,808 was sold to end at $164.36, for a gain of $1.22.
At the end of trading, the selling rate for the Euro, rose by 46 cents to close at J$140.71 from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$135.19 for a gain of 82 cents. The US dollar equivalent of other currencies traded amounts to US$227,656 being bought, while US$352,200 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Monday, include, a rise of 90 cents in the highest buying rate of the Canadian Dollar to close at $97.50, a fall of $1.50 in the lowest selling rate to $91, while trading in the British Pound resulted in a dip of $1.80 in the highest buying rate to $165.50, a fall of 67 cents in the lowest buying rate to $133.38, a fall of 86 cents in the highest selling rate to end at $173.56 and the lowest selling rate dropped $3.30 to end at $157.