KINGSTON, Jamaica — The United States (US) dollar on Thursday, October 22, ended trading at $159.59, down 6 cents from Wednesday’s close of $159.65, according to the Bank of Jamaica’s (BOJ) daily foreign exchange trading summary.
Meanwhile, the Canadian dollar ended trading at $114.07, down from $114.12, and the British pound ended at $213.53, up from $212.82. The euro closed at $178.74, down from $179.92.
The dip ended a two-day climb for the US dollar, which rose 43 cents on Tuesday and 24 cents on Wednesday after the market reopened from the National Heroes Day holiday.
Going into Friday’s session, the US dollar stood 61 cents above its close of $158.98 on Friday, October 16, and 18 cents above Tuesday’s close of $159.41.
The BOJ’s website listed no sales through its B-FXITT intervention facility after the US$40 million it sold on Friday, October 16.
Oil prices rose again. Brent crude stood at US$113.21 a barrel on Thursday morning, up from US$110.74 a day earlier and US$64.49 a year ago, according to Fortune. The Nation, a Thai newspaper, linked the rise to Houthi attacks in Saudi Arabia that led the US to order some diplomats out of the kingdom.
Higher fuel prices add to Jamaica’s import bill and can feed into the cost of transport, food and building materials.
Annual inflation was 8.6 per cent in September, according to the Statistical Institute of Jamaica, above the BOJ’s target range of four to six per cent. The BOJ’s policy rate, which influences what lenders charge on loans and mortgages, is 6.00 per cent. The US Federal Reserve is due to announce its next decision on October 28, and the BOJ on November 18.
At Thursday’s BOJ average selling rate, US$100 cost $15,958.74, about $60 more than a week earlier. A US$100 remittance converts to $15,787.22 at the average buying rate. Counter rates at commercial banks and cambios usually sit above the BOJ average.
For the week so far, the pound was the largest gainer, up $3.90 from the previous Friday. At the average buying rate, £100 sent from the United Kingdom converts to $21,223.73, about $399 more than a week earlier. The euro moved the other way, down $4.26 over the same period.
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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