KINGSTON, Jamaica — The United States (US) dollar on Monday, March 30, ended trading at $158.61, down 55 cents, according to the Bank of Jamaica’s daily foreign exchange trading summary.
The Canadian dollar closed at $115.95, up from $115.39, while the British pound ended the session at $212.58, up from its previous close of $211.23.
The sizeable drop in the US dollar gave the Jamaican dollar a strong day against the greenback, even as the local unit lost ground to both the Canadian dollar and sterling.
What it means for property buyers and the diaspora
A move of more than half a dollar in a single session is large by recent standards. Homeowners repaying a US-dollar-denominated mortgage from Jamaican-dollar income would benefit from rates like these, while diaspora members funding a construction draw from US savings would see their money cover a little less. On a transfer of US$50,000 toward a home purchase, even a few cents on the exchange rate can shift the Jamaican-dollar total by several thousand dollars, so buyers are wise to watch the trend rather than any single day.
Jamaica Homes News publishes regular foreign exchange updates to help buyers, sellers and overseas investors follow the rates that shape the cost of property and construction in Jamaica.
Follow Jamaica Homes on Youtube @jamaicahomes and Instagram @jamaica_homes and on Facebook @jamaicahomesnews Send us a message or email us at onlinefeedback@jamaica-homes.com or editor@jamaica-homes.com
Visit our YouTube Community ↗