KINGSTON, Jamaica — The United States (US) dollar on Friday, October 30, ended trading at $159.66, down 1 cent from Thursday’s close of $159.67, according to the Bank of Jamaica’s (BOJ) daily foreign exchange trading summary.
Meanwhile, the Canadian dollar ended trading at $114.67, up from $113.27, and the British pound ended at $213.84, up from $213.12. The euro closed at $181.90, up from $181.74.
The US dollar finished the week 1 cent above its close of $159.65 on Friday, October 23, and 8 cents above Monday’s $159.58. Thursday’s $159.67 was the week’s high.
The Canadian dollar posted the biggest daily move, rising $1.40 on Friday. Over the week, it gained 57 cents, while the euro rose 75 cents and the pound 4 cents.
The BOJ made no foreign currency sales through its B-FXITT facility this week, according to its website. On Friday, the central bank announced a standard sale operation for Friday, November 20, and said the amount on offer will be announced the day before.
In the United States, the Commerce Department reported on Thursday that the economy grew at a 3.4 per cent annual rate in the third quarter, an advance estimate. The Federal Reserve’s preferred inflation gauge rose 3.6 per cent year on year in September, the Jamaica Observer reported.
At home, inflation stood at 8.6 per cent for the 12 months to September, above the BOJ’s target range of 4 to 6 per cent, according to the Statistical Institute of Jamaica (STATIN). Food and drink prices rose 12.4 per cent over the year.
The BOJ’s policy rate, which influences what lenders charge on loans and mortgages, stands at 6 per cent. Its next decision is due on November 18.
At Friday’s BOJ average selling rate, US$100 cost $15,966.39. A US$100 remittance converted to $15,768.20 at the average buying rate, about $51 less than a week earlier. Counter rates at commercial banks and cambios usually sit above the BOJ average.
Families receiving money from Canada benefited from Friday’s move. At the average buying rate, C$100 converted to $11,420.53, up from $11,097.57 on Thursday.
A steady US dollar helps keep the cost of imported fuel, food and building materials more predictable.
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.
Visit our YouTube Community ↗