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.

4 months indicative negative

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