The Jamaican dollar depreciated meagerly by 0.01 per cent relative to the US dollar, week-over-week with the USD selling rate moving from J$155.50 to J$155.52 to US$1

The Jamaican dollar continues to fluctuate around the J$155 mark and has been doing so for the last three months, suggesting relative stability compared to the large swings in the Jamaican dollar experienced in 2022.

It is expected that in the coming months, the Bank of Jamaica (BOJ) will continue lending support to the market in the form of BFXITT operations, as needed. This is especially the case since August and September are historically high-demand months for the American dollar, as businesses begin purchasing inventory for the Christmas period.

The BOJ’s sale of hard currency should help to mitigate wide fluctuations in the exchange rate, while broker market demand for the American greenback continued to increase for longer-tenured funds.