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.