Sunday 26 May, 2019

Jamaican dollar starts trading week in $136 territory vs greenback

The Jamaican dollar appreciated on Friday to re-enter the $136 territory, according to the Bank of Jamaica (BOJ).

It was the second consecutive day of strengthening for the month as the local currency closed at $136.54 against the US dollar from $137.08 on the prior day.

During the week, the central bank sold US$30 million at a weighted average rate of $137.48 to authorised dealers and large cambios by means of its Foreign Exchange Intervention and Trading Tool (B-FXITT).

The BOJ last intervened in the market last month.

The dollar was at its weakest position at $137.96 on August 23, 2018. In March, it hit its strongest position in over 12 months when it entered $124 territory. Since that time, the local currency has depreciated.

Also on Friday, the pound closed at $177.56 from $178.88 and the Canadian dollar closed at $100.40 from $101.90.

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