US Dollar Exchange Rate Hits Record High

The foreign exchange rate between the Jamaican dollar and its US counterpart has hit the highest mark since the Bank of Jamaica, BOJ, started collecting records.

On Thursday, the Jamaican dollar lost 32 cents, meaning that when trading opened on Friday morning, one US dollar was selling for an average of $158.12.

This is the highest exchange rate ever for the Jamaican dollar against the benchmark US dollar.

This is the third time the Jamaican dollar has topped the $158 mark. The other two occasions were recorded on February 11, 2022, when the US dollar exchange rate hit $158.03 and February 16, 2022, when the mark was $158,02.

The records on the central bank’s website go back to May 1, 2006.

A cocktail of factors influence the exchange rate, including internal factors like the availability of US currency on the market at a given time.

There are also external shocks, global economies, and natural disasters.

Stock markets around the world are currently concerned the US economy may be heading to a recession because of inflation controls.

Jamaica is also recovering from the hit of Hurricane Beryl.

Meanwhile, the Jamaican dollar has lost one dollar and 51 cents and opened trading this morning selling for an average of one hundred and 15 dollars and 29 cents against the Canadian.

And finally, the Jamaican has gained 10 cents and opened trading this morning selling for an average of two hundred and one dollars and 35 cents against the British pound.