The Jamaican Dollar Weakens: Currently $158.43 JMD to $1 USD
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The Jamaican dollar reached a historic low against the US dollar on Tuesday, August 20, 2024, as it ended trading at $158.43 JMD to 1 USD, marking an increase of 44 cents from the previous day.
The Bank of Jamaica’s daily exchange trading summary highlighted this significant decline, which underscores the persistent pressures on the local currency. This latest drop is part of a broader trend, where the Jamaican dollar has been steadily weakening against the US dollar, driven by a combination of factors including high import demand, inflationary pressures, and external economic uncertainties.
On the other hand, as reported by the Jamaica Gleaner, the Canadian dollar ended at $116.23 down from $116.24, while the British pound sterling ended at $203.57 up from $201.64.
In contrast, some of the world’s strongest currencies, such as the Kuwaiti Dinar (KWD), Bahraini Dinar (BHD), and Omani Rial (OMR), remain far more stable. The Kuwaiti Dinar, for example, is valued at approximately $3.27 USD, making it the strongest currency globally. The British Pound (GBP) and Euro (EUR) also remain strong, trading at $1.26 USD and $1.08 USD, respectively.
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