Forex: $158.55 to One US Dollar

KINGSTON, Jamaica — The United States (US) dollar on Monday, May 18, ended trading at $158.55, down 47 cents, according to the Bank of Jamaica’s daily foreign exchange trading summary.

The Canadian dollar closed at $115.83, slightly up from $115.78, and the British pound ended at $213.34 compared with $213.08 previously.

The Jamaican dollar recorded a clear gain against the US dollar, while giving up only small amounts to the Canadian dollar and sterling.

What it means for property buyers and the diaspora

The drop of nearly half a dollar in the US rate trims the Jamaican-dollar cost of imported building supplies and of any obligations tied to the greenback, such as US-dollar mortgages on resort or rental units. For US-based buyers funding a deposit or monthly instalments from abroad, the same move means slightly fewer Jamaican dollars per transfer.

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.