Trading in the Jamaican foreign exchange market saw dealers purchasing US$8 million more than they sold on Monday. The rate of the local dollar continue to be eroded against the critical US dollar. The Jamaican dollar also declined against the Pound but gained against the Canadian dollar.
The market closed with dealers buying the equivalent of US$55,574,036 and selling US$47,693,027, in contrast to US$33,671,447 purchased and US$25,438,235 sold on Friday.
In US dollar trading, dealers bought US$52,708,850 compared to US$30,487,529 on Friday, as the buying rate for the US dollar rose 20 cents to close at $122.57. A total of US$44,797,667 was sold versus US$24,056,712 on 
Friday with the selling rate rising 3 cents to $123.18. The Canadian dollar buying rate dropped 99 cents to end at $94.17 with dealers buying C$1,249,836 and selling C$810,992, at an average rate that slipped 5 cents to $97.48. The rate for buying the British Pound fell 65 cents to $175.25 for the purchase of £1,251,371, while £1,451,992 was sold, as the rate jumped $2.53 to $179.55.
At the end of trading, the selling rate for Euro, climbed $1.72 to close at J$141.05, from Friday’s rate, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$140.16 for a rise of $3.18 from Friday’s rate. 
The US dollar equivalent of other currencies traded amounts to US$115,775 being bought, while US$137,203 was sold.
Highs & Lows| Notable changes to the highest and lowest traded rates for the Jamaican dollar against the main currencies on Monday are, a fall of $2.63 in the lowest selling rate of the US dollar to end at $100.03, a rise of $2.10 in the lowest selling rate of the Canadian dollar to $89.30 and a decline of $4.40 in the lowest selling for the British Pound to end at $167.80.
US$8m more FX bought than sold – Monday
May 2, 2016 by
