The Dollar Slows Its Roll

The selling rate for US$1 as at April 30, 2013 was US$1- J$99.35, according to the daily trading summary published by the Bank of Jamaica (BOJ).

This represented a 0.5% devaluation from what it traded for on the last trading day in March and is quite a feat to have achieved, based on the previous trend of devaluation of the dollar. The percentage change in devaluation of the dollar between February and March was 2%.

Between October 2012 and March 2013, the percentage change in the devaluation of the dollar has been a magnitude greater than 1% except November 2012, when it was 0.9%.

Source: Bank of Jamaica

So, even for a short while, Jamaicans can rejoice and be thankful that we did not pass the psychological barrier of $100 to US$1. In April, there actually was some revaluation of the dollar, which, although it was miniscule, was welcomed.

How long will it continue to drift… is the question of many.

For more information, see Exchange Rates-US$ Monthly