Tuesday 25 June, 2019

Jamaican dollar inches closer to $124 territory

The Jamaica dollar is trending to re-enter the $124 territory against the US currency.

It closed Friday at $125.06 to US$1 from $125.29 on the previous day and continues to trade at its strongest position since the start of 2019 and 2018.

The dollar regained $12 since the start of February when it closed at $137.06 to US$1. That means that importers as well as speculators are getting a J$12,000 discount every time they buy US$1,000 while exporters would lose J$12,000 on the same trade.

The last time the currency sold for $124 was back in January 22, 2018.

During this round of appreciation, the dollar strengthened following announcements by the Bank of Jamaica (BOJ) that it would neither buy nor sell currency into the system over a two week period.

The British Pound closed at $165.52 from $164.33. The Canadian dollar closed at $93.75 from 94.21.

 

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