KINGSTON, Jamaica — The United States (US) dollar on Thursday, October 8, ended trading at $159.83, up 5 cents from Wednesday’s close of $159.78, according to the Bank of Jamaica’s (BOJ) daily foreign exchange trading summary.
Meanwhile, the Canadian dollar ended trading at $112.56, down from $113.71, and the British pound ended at $211.88, down from $212.99. The euro closed at $180.09, down from $183.43.
Thursday’s figures are the latest published by the BOJ. The central bank had not released its rates for Friday, October 9, at press time.
The US dollar has now risen for three straight sessions. Thursday’s close was 79 cents above Monday’s $159.04 and 46 cents above last Friday’s $159.37, though still 38 cents below the $160.21 recorded on Thursday, October 1.
The gains followed two BOJ flash sales of US$30 million each under its B-FXITT intervention facility last Friday and Monday. The BOJ has scheduled standard US dollar sales for October 15 and 16.
Jamaica’s net international reserves stood at US$7.18 billion at the end of September, up US$541.2 million from August, according to BOJ data reported by Mayberry Investments. That is equal to about 31 weeks of goods and services imports.
Oil prices also rose. Brent crude traded at US$108.33 a barrel on Thursday morning, up US$3.59 from a day earlier, according to Fortune.
At the BOJ average selling rate, US$100 now costs about J$15,983, roughly J$79 more than on Monday. Rates quoted at bank and cambio counters typically sit above the BOJ average.
Remittance receivers gained slightly, with US$100 converting to about J$15,847 at the average buying rate, up from about J$15,779 on Wednesday.
A weaker Jamaican dollar and higher oil prices can add to the cost of imported fuel, food and building materials. The BOJ’s policy rate remains at 6.0 per cent ahead of its next decision on November 18. Changes to that rate can filter through to loan and mortgage rates.
For Jamaicans overseas, Thursday brought losses across the board. The euro fell $3.34, the Canadian dollar dropped $1.15 and the pound slipped $1.11, reducing the value of money sent home from Europe, Canada and the United Kingdom.
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.
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