US Dollar Climbs Closer to J$160

The United States dollar moved another step closer to the J$160 level on Friday after ending the day’s trading at J$159.48, according to the Bank of Jamaica’s daily exchange trading summary.

The latest figures show the US currency gained 18 cents compared with the previous trading day, continuing its gradual rise against the Jamaican dollar. The movement places the exchange rate within 52 cents of the J$160 threshold, a level closely watched by businesses, importers and consumers.

While the US dollar strengthened, the Canadian dollar moved in the opposite direction. It closed at J$113.57, down from J$114.21 recorded previously.

The British pound also posted gains during Friday’s trading session. Sterling ended the day at J$214.57, rising from J$212.85.

The Bank of Jamaica publishes its daily exchange trading summary to reflect the weighted average selling rates for major foreign currencies traded in the local market.

Foreign exchange movements can affect the cost of imported goods, overseas travel, tuition payments and other transactions involving international currencies, with the US dollar remaining the most closely monitored currency in Jamaica’s foreign exchange market.