The Jamaican dollar appreciated by 0.14 per cent relative to its American counterpart with the greenback selling rate moving from J$155.35 to J$155.12 last Friday (June 16).
This appreciation was driven by low JMD liquidity in the market. Consequently, there are increased offers in the market selling USD for JMD to satisfy Jamaican dollar obligations.
The USD money market saw minor fluctuations week over week. Broker market demand for USD has increased for longer-tenured funds with some brokers offering as high as 5.75 per cent for 180 days to clients.
Retail rates ranged from three per cent to 4.25 per cent for short-term placements to over five per cent for long-term placements.