Jamaica’s foreign exchange market has seen an increase inflows of the American greenback, resulting in the local currency exhibition a slight appreciation in the currency.
The Jamaican dollar appreciated by 0.30 per cent relative to the week over week with the greenback selling rate moving from J$156.90 to J$156.43. This appreciation was owed to greater US$ inflows and end-user demand being satisfied.
Broker demand for Jamaican dollar remained relatively moderate, particularly for short-term funds, while rates in the retail market stayed consistent on JMD placements.
The US$ money market liquidity continued to fluctuate week over week as broker market demand for ‘greenback’ continues to increase for longer-tenured funds.