Yuletide selloff of US$ continues

The rate for exchanging the Jamaican dollar against the US dollar, dropped by 21 cents in foreign currency trading on Thursday, with total inflows of all foreign currencies less than outflows as dealers continue to offload excess funds.
The public bought the US dollar at $125.34 with dealers selling US$60.19 million in US currency, compared US$60.97 million at an average rate of $125.55 on Wednesday. US currency purchases by dealers, amounted to US$47.45 million on Thursday, at an average rate of $124.23, compared to Wednesday, with US$49.36 million at $124.35.
On Thursday at midday dealers purchased US$17.14 million at an average rate of J$124.66 and sold US$10.63 million at an average of J$125.27. At mid-day on Wednesday dealers purchased US$13.65 million at an average rate of J$124.76 while they sold US$17.02 million at an average of J$125.61.
Dealers’ purchased US$51.81 million, versus US$53.56 million on Wednesday in all currencies, in Jamaica’s Forex market and sold US$62.42 million compared with US$63.79 million sold, previously.
The selling rate for the Canadian dollar declined to J$96.33 from J$96.78 at the close on Wednesday. The selling rate for the British Pound declined to J$167.37 versus J$168.00 previously and the euro rose in value against the Jamaican dollar at J$150.67 to buy the European common currency, versus the prior selling rate of J$149.28.