Forex: $159.94 to One US Dollar

KINGSTON, Jamaica — The United States (US) dollar on Friday, October 9, ended trading at $159.94, up 11 cents from Thursday’s close of $159.83, according to the Bank of Jamaica’s (BOJ) daily foreign exchange trading summary.

Meanwhile, the Canadian dollar ended trading at $113.17, up from $112.56, and the British pound ended at $213.71, up from $211.88. The euro closed at $179.34, down from $180.09.

Friday’s figures are the latest published by the BOJ. The central bank had not released its rates for Monday, October 12, at press time.

Friday marked the fourth straight daily gain for the US dollar. It closed the week 90 cents above Monday’s $159.04 and 57 cents above the previous Friday’s $159.37, though still 27 cents below the $160.21 recorded on Thursday, October 1.

The rise followed BOJ flash sales under its B-FXITT facility on October 2 and October 5. No further intervention sales were announced during the week, according to BOJ notices.

This week, the BOJ has scheduled standard US dollar sales for Thursday and Friday, October 15 and 16.

In the US, September consumer price data is due on Wednesday, October 14, ahead of the Federal Reserve’s October 27-28 meeting, according to remittance firm OrbitRemit. The Fed raised its key rate to a range of 3.75 to 4.00 per cent in September.

Oil prices eased on Monday. Brent crude fell 1.5 per cent to about US$103 a barrel on reports of additional Russian diesel supplies, according to HDFC Sky.

At the BOJ average selling rate, US$100 now costs about J$15,994. Rates quoted at bank and cambio counters typically sit above the BOJ average.

Remittance receivers got slightly less, with US$100 converting to about J$15,791 at the average buying rate, down from about J$15,847 on Thursday.

A weaker Jamaican dollar can raise the cost of imported fuel, food and building materials. The BOJ’s policy rate stands at 6.00 per cent, with the next decision due on November 18. Changes to that rate can filter through to loan and mortgage rates.

For Jamaicans in the United Kingdom, the pound gained $1.83 on Friday and $1.02 over the week. The euro, however, ended the week $4.16 below the previous Friday’s $183.50, reducing the value of money sent home from Europe.

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.