Forex: $159.16 to One US Dollar

KINGSTON, Jamaica — The United States (US) dollar on Wednesday, November 11, ended trading at $159.16, down 25 cents from Tuesday’s close of $159.41, according to the Bank of Jamaica’s (BOJ) daily foreign exchange trading summary.

Meanwhile, the Canadian dollar ended trading at $112.10, down from $113.74, and the British pound ended at $212.03, down from $213.24. The euro closed at $183.69, up from $179.62.

Wednesday’s close left the US dollar 12 cents below last Friday’s close of $159.28, extending the slow decline recorded last week.

The euro moved against the trend. Its average selling rate rose $4.07 on the day, while its average buying rate fell to $173.13 from $177.73, the BOJ data show.

Oil prices fell further this week. Brent crude for January delivery settled at US$91.49 a barrel on Tuesday, down US$1.08, after briefly dipping below US$90, DTN reported. The slide followed US President Donald Trump’s comment that further military action against Iran was “not very necessary,” and reports from Qatari mediators of progress in exploratory peace talks.

In the United States, consumer prices rose 0.4 per cent in October, a reading DTN described as cooler than expected, adding that traders expect the Federal Reserve to keep interest rates steady in December.

The BOJ’s next policy rate announcement is due on November 18. The bank raised its rate by half a percentage point to 6 per cent in September amid rising inflation, the bank said. The policy rate influences what lenders charge on loans and mortgages.

At Wednesday’s BOJ average selling rate, US$100 cost $15,915.78. A US$100 remittance converted to $15,714.76 at the average buying rate, about $64 less than on Tuesday. Counter rates at commercial banks and cambios usually sit above the BOJ average.

Families receiving money from Canada and Europe also got less. C$100 converted to $10,976.94 at the average buying rate, down from $11,271.75 on Tuesday, while €100 converted to $17,313.37, down from $17,772.93.

If sustained, lower oil prices could ease pressure on the cost of imported fuel, goods 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.