Sunday 26 May, 2019

Jamaican dollar depreciates by 14 cents

The Jamaica dollar depreciated by 14 cents against the US dollar on Wednesday, according to the Bank of Jamaica (BOJ) trading summary.

The local currency closed at $134.40 from $134.26 on the prior day. The Pound Sterling closed at $173.39 from $169.20 and the Canadian dollar closed at $101.23 from $100.53. 

The BOJ advised this week that between now and May 15, that it wouldn’t intervene in the foreign exchange market.

Adding that there are no scheduled “sales to or purchases from Eligible Bidders” for the four weeks via the B-FXITT standard operation. 

The dollar depreciated by some 8.0 per cent in the month of April. In early March, the dollar closed at its strongest position in 12 months re-entering the $124 territory.  

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