Sunday 26 May, 2019

Jamaican dollar weakens by eight cents

The Jamaica dollar depreciated on Wednesday by eight cents despite the Bank of Jamaica (BOJ) intervening in the market for the first time in a month.

The dollar closed at $137.14 from $137.06 on the prior day.

Yesterday, the central bank sold US$30 million at a weighted average rate of $137.48 to authorized 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, the dollar hit its strongest position in over 12 months when it entered the $124 territory.  Since that time, the local currency has depreciated.

The pound closed at $179.38 from $178.26 and the Canadian dollar closed at $102.95 from $100.78.

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