KINGSTON, Jamaica — The United States (US) dollar on Monday, February 3, ended trading at $158.30, up 86 cents, according to the Bank of Jamaica’s daily foreign exchange trading summary.
The Canadian dollar closed at $110.46, down from $111.73 at the previous close, and the British pound ended at $196.58, down from $198.31.
The Jamaican dollar fell sharply against the US dollar while strengthening against the Canadian dollar and sterling.
What it means for property buyers and the diaspora
An 86-cent move is one of the larger single-day swings in the US rate and has a direct effect on construction budgets, since so much of Jamaica’s building material is imported and priced in US dollars. Borrowers with US dollar mortgages will also pay more in local terms. For US-based Jamaicans, however, the timing is favourable for converting savings towards a deposit, while Canadian and UK senders saw the value of their transfers slip.
Jamaica Homes News publishes regular foreign exchange updates to help buyers, sellers and overseas investors keep track of the rates that shape the cost of property and construction in Jamaica.
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