Trading in the Jamaican foreign exchange market saw dealers selling US$7 million more in US currency than they purchased on Tuesday, with the rate of the local dollar continuing to be eroded against the critical US dollar. But the Jamaican dollar gained against the Pound and the Canadian dollar.
The market closed with dealers buying the equivalent of US$35,269,451 and selling US$41,196,078, in contrast to US$55,574,036 purchased and US$47,693,027 sold on Monday.
In US dollar trading, dealers bought US$32,440,716 compared to US$52,708,850 on Monday, as the buying rate for the US dollar fell 11 cents to close at $122.46. 
A total of US$39,691,937 was sold versus US$44,797,667 on Monday with the selling rate rising 22 cents to $123.40. The Canadian dollar buying rate dropped 21 cents to end at $93.96 with dealers buying C$670,778 and selling C$452,944, at an average rate that slipped 12 cents to $97.36. The rate for buying the British Pound rose 35 cents to $175.60 for the purchase of £1,505,483, while £620,723 was sold, as the rate fell 49 cents to $179.06.
At the end of trading, the selling rate for Euro, climbed 78 cents to close at J$141.83, from Monday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$141.12 for a rise of 96 cents from Monday’s rate.
The US dollar equivalent of other currencies traded amounts to US$155,229 being bought, while US$246,143 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates for the Jamaican dollar against the main currencies on Tuesday are, a rise of $4.81 in the lowest buying rate of the Canadian dollar to end at $77.81 and a fall of $2.10 in the lowest selling rate to $87.20, a rise of 70 cents in the highest buying rate for the British Pound to end at $181 and a rise in the highest selling rate of 81 cents to $187.38.
US$7m more FX sold than bought – Tuesday
May 3, 2016 by
