KINGSTON, Jamaica — The United States (US) dollar on Monday, October 5, ended trading at $159.04, down 33 cents from Friday’s close of $159.37, according to the Bank of Jamaica’s (BOJ) daily foreign exchange trading summary.
Meanwhile, the Canadian dollar ended trading at $112.79, up from $112.53, and the British pound ended at $211.60, down from $212.69. The euro closed at $180.50, down from $183.50.
The Jamaican dollar gained against the US dollar for a second straight session to open the week. Monday’s close was 45 cents below the previous Monday’s $159.49.
The move came as the BOJ sold another US$30 million to the market on Monday through a flash sale under its B-FXITT intervention facility, its second in as many trading days. According to the central bank, 44 eligible bids worth US$72.78 million were received and the full amount was allotted at a price of $158.14. The sale settles on Tuesday, October 6.
The euro posted the sharpest move of the day, falling $3.00, while the pound gave back $1.09 of last week’s gains.
Looking ahead, the BOJ has scheduled standard US dollar sales for October 15 and 16. Inflation remains in focus after the Statistical Institute of Jamaica (STATIN) reported that it rose to 7.9 per cent in August, above the BOJ’s target range of 4.0 to 6.0 per cent.
At the BOJ average selling rate, US$100 now costs about J$15,904, roughly J$33 less than on Friday. Rates quoted at bank and cambio counters typically sit above the BOJ average.
Remittance receivers saw little change, with US$100 converting to about J$15,795 at the average buying rate, compared with about J$15,802 on Friday.
A firmer Jamaican dollar can ease some pressure on the cost of imported food, fuel and building materials. The BOJ’s recent increase in its policy rate to 6.0 per cent, aimed at containing inflation, may still be reflected in loan and mortgage rates in the months ahead.
For Jamaicans in Europe, the euro’s drop means money sent home converts to fewer Jamaican dollars than on Friday. Those in Canada fared slightly better, with the Canadian dollar edging up 26 cents.
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 living, 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 ↗