KINGSTON, Jamaica — The United States (US) dollar on Wednesday, October 28, ended trading at $159.59, down 6 cents from Tuesday’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 $113.90, up from $112.85, and the British pound ended at $211.57, up from $211.16. The euro closed at $178.82, down from $182.16.
Wednesday’s rate left the US dollar 1 cent above Monday’s close of $159.58 and 6 cents below Friday’s $159.65. The currency has moved within a 7-cent range so far this week.
The euro posted the largest move of the day, falling $3.34. BOJ data show the euro market is far smaller than the US dollar market. On Tuesday, about €488,000 was sold, compared with about US$67.8 million.
The pound and the Canadian dollar, despite Wednesday’s gains, remain below Monday’s levels of $215.26 and $114.20 respectively.
In the United States, the Federal Reserve on Wednesday held its benchmark interest rate in a target range of 3.75 per cent to 4 per cent, in a 10-2 vote, Fox Business reported. The hold follows a 25-basis-point increase in September, the Fed’s first rate hike since July 2023.
Higher US interest rates tend to make US dollar assets more attractive, which is why Fed decisions are closely watched in Jamaica’s foreign exchange market.
Locally, the BOJ has not announced a B-FXITT foreign currency sale since its October 16 operation, according to notices on its website. The central bank held a 14-day repo auction on Monday and a 30-day certificate of deposit auction on Wednesday.
At Wednesday’s BOJ average selling rate, US$100 cost $15,958.96. A US$100 remittance converted to $15,784.55 at the average buying rate. Selling rates at bank and cambio counters typically sit above the BOJ average.
Families receiving money from Canada saw a better rate. At the BOJ average buying rate, C$100 converted to $11,285.83, up from $11,012.73 on Tuesday.
A steady US dollar rate helps keep the cost of imported fuel, food and building materials more predictable. Loan and mortgage rates are influenced by the BOJ’s policy rate, currently 6 per cent, which is next up for review on November 18.
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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