Forex: $158.98 to One US Dollar

KINGSTON, Jamaica — The United States (US) dollar on Friday, October 16, ended trading at $158.98, down 20 cents from Thursday’s close of $159.18, according to the Bank of Jamaica’s (BOJ) daily foreign exchange trading summary.

Meanwhile, the Canadian dollar ended trading at $112.99, up from $112.34, and the British pound ended at $209.63, down from $214.33. The euro closed at $183.00, up from $181.78.

Friday’s close left the US dollar 96 cents below the $159.94 it fetched a week earlier and 99 cents below Monday’s close of $159.97. The currency fell on three of the week’s five trading days, with the largest drop, 63 cents, on Thursday.

The market was closed on Monday, October 19, for National Heroes Day, leaving Friday’s rates as the latest available.

The declines coincided with US dollar sales by the BOJ on consecutive days. The central bank sold US$30 million on Thursday and US$40 million on Friday through its B-FXITT facility, according to results posted on its website.

Separately, the Statistical Institute of Jamaica (STATIN) reported on Thursday that annual inflation rose to 8.6 per cent in September, the highest since December 2022 and above the BOJ’s target range of four to six per cent. Food prices rose 2.9 per cent in the month alone, STATIN said.

Damien King, executive director of the Caribbean Policy Research Institute, linked the rise to crop losses after Hurricane Melissa, The Gleaner reported.

The BOJ’s policy rate, which influences what lenders charge on loans and mortgages, stands at 6.00 per cent. The central bank’s next rate decision is scheduled for November 18. In the US, the Federal Reserve is set to announce its next decision on October 28.

At Friday’s BOJ average selling rate, US$100 cost $15,898.38, about $96 less than a week earlier. A US$100 remittance converts to $15,777.99 at the average buying rate. Counter rates at commercial banks and cambios usually sit above the BOJ average.

For families receiving money from the United Kingdom, the pound’s average buying rate rose to $208.25 on Friday from $205.97 on Thursday, even as its selling rate fell.

A firmer Jamaican dollar can help limit increases in the cost of imported goods, including fuel and building materials.

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.