The Jamaican dollar (JMD) experienced a fourth consecutive week of depreciation over the past seven days.

At the end of last week, it took 0.55 per cent more JMD to purchase one American dollar (USD), as the local currency gave up marginal ground in trading activity. The weighted average selling rate for US$1 was J$157.21 at the close of trading last Friday.

The Bank of Jamaica (BOJ) intervened on April 26, selling US$20 million into the market. However, there was still some residual demand for the greenback. 

As such, the intervention was not enough to address the demand and supply imbalances in the market. In the money market, broker market demand for USD remained moderately liquid, particularly for longer-tenured funds.