US$ sell off pushes rates down – Thursday

Trading in the foreign exchange on Thursday continued with heavy selling off US dollars by dealers and pushing the selling rate for the US dollar below $126.
The market closed with inflows of all currencies, ending at US$46.04 million, versus US$66.33 million on Wednesday, but dealers sold US$61.22 million in contrast to US$60.51 million, previously.
The rate to buy the US dollar fell against the Jamaican dollar by 9 cents while the buying rate by dealer dropped a sizable 54 cents and signaling low buying interest.
In US dollar trading, dealers sold US$57.26 million at a rate of J$125.99 at the close, compared to US$56.68 million at a rate of J$126.08 on Wednesday. Purchases of the US currency by dealers, amounted to US$40.66 million at an average of just over $124.65, compared to US$61.86 million at an average of $125.19 on Wednesday.
For the shortened week, dealers bought US$216 million in all currencies, down from US$231 million in all currencies bought in the previous week including US$20 million auctioned by the central bank. Dealers sold US$237.6 million, compared to the selling of US$229.3 million previously.
Actual US dollar purchases by dealers amounted to US$190.8 million down from US$210 million in the prior week and they sold US$214.92 million compared to US$214.95 million.
At mid-day on Thursday dealers purchased US$12.69 million at an average rate of J$125.04 and sold US$12.37 million at an average of J$125.76. At mid-day on Wednesday dealers purchased US$18.4 million at an average rate of J$125.63 and sold US$16.6 million at an average of J$125.96.
The selling rate on Thursday, for the Canadian dollar slipped to J$97.20 from J$98.20 at the close on Wednesday, the selling rate for the British Pound increased to J$178.11 from J$177.21 previously and the euro rose against the Jamaican dollar to J$159.18 to buy the European common currency, versus the prior selling rate of J$156.64.