US$14m surplus in FX market – Tuesday

The Jamaican foreign exchange market closed on Tuesday, with buying volume US$14 million more than the amount sold by dealers. At the close of trading, the Jamaican dollar lost value against the US and the Canadian dollars, but gained against the Pound and the euro.
At the end of trading, the equivalent of all currencies bought by dealers amounted to US$53,538,216, while US$39,425,182 was sold, compared to US$27,764,103 purchased and US$19,940,807 sold on Friday.
In US dollar trading, dealers bought US$50,287,877 compared to US$24,043,908 on Friday. The buying rate for the US dollar rose 25 cents to close at $128.17. A total of US$38,236,358 was sold versus US$18,470,128 on Friday, with the selling rate rising 7 cents to end at $128.89. The Canadian dollar buying rate declined 76 cents to $94.70, with dealers buying C$1,701,622 and selling C$625,427 at an average rate that rose 6 cents to $97.15. The average rate for buying the British Pound dropped $1.33 to $153.93 for the purchase of £1,510,510 while £385,341 was sold at a rate that declined 28 cents to end at $156.17.
At the end of trading on Tuesday, dealers sold €167,167 as the selling rate for the Euro, closed at $141.66 for fall of 20 cents, according to data from Bank of Jamaica. Dealers purchased €152,917 of the European common currency at $134.99 after falling $1.99. The US dollar equivalent of other currencies traded, amounts to US$17,809 being bought and selling of US$66,759.
Highs & Lows| Notable changes to the highest and lowest rates for the regularly traded currencies in the foreign exchange market on Tuesday, include a drop of $1.15 in the highest buying rate of the US Dollar to $128.05 and a dive of $20 in the lowest selling rate to end at $104. The highest buying rate of the Canadian dollar climbed $1.50 to $99.50 and the lowest selling rate rose $1.60 to $93. The highest buying rate of the British Pound jumped $13.30 to $170.70, the lowest buying rate climbed $9.13 to $136.12, the highest selling rate rose $11.88 to $177.12 and the lowest selling rate surged $10 to $161. Trading in the Euro resulted in a surge of $5.50 in the highest buying rate to $145 and the lowest selling rate dropped $21.47 to $114.53.