Jamaican Dollar Continues to Weaken, Crosses $121 to US$1 Mark
Some time ago the IMF’s managing director, Christine Lagarde, stated that the Jamaican currency was overvalued and needed to be further re-valued.
It was a sentiment shared by some Jamaicans despite the ever diminishing spending power of persons living on the island.
On Wednesday the dollar reached a new low, edging towards an average selling rate of $121.01 for 1 US dollar.
This represented a fifteen cents dip from the day before.
According to Loop News, it resulted from a rally of US$27.6 million dollars sold and $25.6 million purchased. Persons sold the US for as high as $126.69 on the day but as low as $98.76.
The local currency also traded, selling at $83.58 against the Canadian dollar and at $169.93 against the pound sterling.
Brian Wynter, the Bank of Jamaica governor, declared late last year that the Jamaican dollar was no longer overvalued, and was less susceptible to unpredictable depreciation.
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