US$4M more stockpiled

Net inflows into Jamaican FX market continues to build, with another US$4 million added to the stock pile of dealers, bringing the net intake by authorized dealers in just over the last three weeks to US$57 million. With July being one of the high inflow months, net inflow is likely to build as the month rolls on and should have a moderating effect on the rate of exchange of the local dollar.
In Thursday’s trading, dealers bought US$31,271,588 while they sold only US$26,915,897, compared to US$34,994,312 purchased and US$24,571,087 sold on Wednesday of all currencies.
In US dollar trading, dealers bought US$28,969,620 compared to US$32,067,439 on Wednesday as the buying rate for the US dollar climbed 2 cents to $125.71. A total of US$25,427,424 was sold versus US$22,288,467 on Wednesday with the selling rate rising by 2 cents to end at $126.36. The Canadian dollar buying rate rose by 37 cents to end at $94.08, with dealers buying C$719,515 and selling C$374,474, at an average rate that declined $2.47 to $96.23. The average rate for buying the British Pound climbed $1.52 to $163.80 for the purchase of £862,147, while £433,881 was sold, with the rate rising $1.40 to $167.76.
At the end of trading, the selling rate for Euro, rose 89 cents to close at J$139.67 from Wednesday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$137.25, for a rise of $2.86 from Wednesday’s rate. The US dollar equivalent of other currencies traded amounts to US$640,080 being bought, while US$627,257 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates, for the Jamaican dollar in the foreign exchange market on Thursday, include, a fall of $1.55 in the highest buying rate of the Canadian Dollar to $97.50 while the lowest selling rate fell by $3 to $88. The highest buying rate of the British Pound dropped $4.22 to $167.30, the lowest buying rate jumped $1.41 to end at $133.63, the highest selling rate climbed $2.18 to end at $173.88.