US$16M added to stock pile – Monday

Authorized dealers held on to US$49 million in total foreign exchange purchased sine last week Monday, while the selling rate for the Jamaica versus the US dollar slid by 31 cents as US$16 million more was added to the stock pile by dealers. Monday’s net purchase puts the surplus bought since the end of June, to US$165 million by Jamaica’s foreign exchange dealers.
In Monday’s trading, dealers bought US$51,667,783 and sold US$35,418,341 compared to US$32,516,814 purchased and US$22,897,652 sold on Friday, of all currencies.
In US dollar trading, dealers bought US$46,205,956 compared to US$29,161,988 on Friday. The buying rate for the US dollar rose 9 cents to $126.26. A total of US$32,601,043 was sold versus US$21,536,270 on Friday, with the selling rate rising 6 cents to end at $126.99. The Canadian dollar buying rate rose 14 cents to end at $94.58, with dealers buying C$1,666,225 and selling C$807,331 at an average rate that fell 7 cents to $96.98. The average rate for buying the British Pound climbed 36 cents to $162.74 for the purchase of £3,041,453, while £1,392,745 was sold to end at $164.62, for a rise of 83 cents.
At the end of trading, the selling rate for the Euro, jumped $1.70 to close at J$142.73 from Friday’s rate, according to data from Bank of Jamaica, currency at J$137.02 for a jump of $2.72 from the rate on Wednesday. The US dollar equivalent of other currencies traded amounts to US$293,394 being bought, while US$395,203 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 $1.70 in the highest buying rate of Canadian Dollar to close at $99.50, a jump of $11.90 in the lowest selling rate to end at $91.50. Trading in the British Pound resulted in a drop of $2 in the lowest selling rate to close of $156.