Sharp rise in Jamaican$ value

NCB purchased US$32m and sold US$73m at J$130.16 on Thursday & drag the US$ down vs the J$.

The Jamaican dollar enjoyed a big rise in value against the US dollar with the rate for buying funds from the market falling to JS$131.72 and selling by dealers closing at an average of $131.52, down from J$133.06 buying and J$134.76 selling.
The sharp improvement in the value of the local currency may not last in the short term, as the drop in the value of the US dollar versus the Jamaican dollar, was due mostly to big trades by National Commercial Bank well below the average for the rest of the market. The market is now in a period of increased supplies and lower demand that is likely to result in further appreciation of the local currency until April unless the central bank intervenes to buy excess flows from the market.
At the end of 2019, the selling rate for the US dollar was J$127.716 but the currency depreciated during the year to a low of J$141.89 to the US dollar on November 7. National Commercial Bank bought US$32,148,142.99 at an average rate of J$129.83 and sold US$73,145,676 at J$130.16 each. The trade by the country’s largest commercial bank accounted for 48 percent of the total of US$67.5 million purchased and 70 percent of the US$104.3 million sold. After NCB, the next biggest trades were by Bank of Nova Scotia, in buying US$10.3 million, at an average of $132.60 and selling $7 million at $133.54.
The largest single purchase is US$25 million at $129 and the largest sale was US$68.35 million at J$130 each.

J$ makes gains on Friday

USdollarStacks280x150 Trading on Friday in the foreign exchange market saw buoyant flows to end off the week as inflows were more than the amount sold by dealers and resulted in slight appreciation of the Jamaican dollar. The purchase of all currencies by dealers amounted to the equivalent of US$46,758,067 compared with US$34,195,247, on Thursday and selling, the equivalent of US$40,993,978 versus sale of US$65,454,392, previously.
In US dollar trading, dealers bought US$44,452,045 compared to US$30,929,977 on Thursday. The buying rate for the US dollar rose 9 cents to $115.78 and US$39,857,108 was sold versus US$64,242,043 on Thursday, the selling rate declined by 2 cents to $116.10. The Canadian dollar buying rate rose 28 cents to $92.60 with dealers buying C$760,341 and selling C$523,539, at an average rate that fell 25 cents to $94.97. FX sum 22-5-15The rate for buying the British Pound fell $1.60 to $178.01 for the purchase of £1,001,924, while £370,134, was sold, at an average rate that slipped 5 cents to $180.78. At the end of trading it took J$129.15 to purchase the Euro, 23 cents more than on Thursday, according to data from Bank of Jamaica, while dealers purchased the European common currency at J$126.74 for a rise of 19 cents on Thursday’s rate. Other currencies bought, amounted to the equivalent of US$157,447, while the equivalent of US$132,292, was sold.
Highs & Lows| The highest buying rate for the US dollar, fell 4 cents to $116.31. FX HL fn 22-5-15The lowest buying, the highest and the lowest selling rates were unchanged at $94.98, $121.71 and $94.98 respectively. The highest buying rate for the Canadian dollar rose 70 cents to $95.80. The lowest buying rate fell 4 cents at $75.32, the highest selling rate gained $1.54 to $98.70 and the lowest selling rate fell 5 cents to $90.75. The highest buying rate for the British Pound, rose 61 cents to $182.51, the lowest buying rate closed unchanged at $144.63, the highest selling rate fell 50 cents to $185.02 with the lowest selling rate remained unchanged at $174.25.

J$ slips vs US$ gains on others – Wednesday

The Jamaican dollar lost value against the US dollar but gained against the British pound and the Canadian dollar, on Wednesday. Authorized dealers purchased the equivalent of US$31,872,356 versus US$34,565,581 on Tuesday, and sold the equivalent of US$33,727,145 compared with US$33,169,744 on Tuesday.
FX sum 3-12-14In US dollar trading, dealers bought US$26,146,822 compared to US$29,642,890 on Tuesday. The buying rate for the US dollar rose 7 cents to $113.18 and US$30,605,638 was sold versus US$30,393,433 on Tuesday. The selling rate rose 6 cents at $113.69 The Canadian dollar buying rate fell 70 cents to $97.63 with dealers buying C$1,175,216 and selling C$870,583, at an average selling rate that declined 23 cents, to $99.01. The rate for buying the British Pound rose $1.22 to $176.80, for the purchase of £2,948,910, while £1,428,934 was sold, the rate rose 64 cents to $178.04. Other currencies bought, amounted to the equivalent of US$105,052 while the equivalent of US$125,689, was sold.
FX HL - 3-12-14Highs & Lows| The highest buying rate for the US dollar, closed $1.02 lower at $113.93, the lowest buying rate and the highest selling rate were unchanged at $93.35 and $119.63, respectively but the lowest selling rate dropped back $17.95 to $93.10. The highest buying rate for the Canadian dollar rose 25 cents to end at $100.25. The lowest buying rate closed 8 cents higher at $79.76. The highest selling rate dived $5.87 to $102.63 and the lowest selling rate fell $1.70 to $94.30. The highest buying rate for the British Pound, dropped 15 cents to $178.80. The lowest buying rate fell 74 cents to $143.47, the highest selling rate eased 96 cents to $184.95 and the lowest selling rate fell 15 cents to $172.85.