Jamaican Dollar Exchange Rate Today: J$150.84 to USD

What is the Jamaican Dollar Exchange Rate Today?

As of today, March 8, 2023, the Jamaican dollar (JMD) is trading at J$150.84 to the US dollar (USD). This represents a slight increase from yesterday's rate of J$150.95 to USD.

Historical Exchange Rates

The Jamaican dollar has been on a gradual decline against the US dollar in recent years. In 2018, the average exchange rate was J$131.97 to USD. In 2019, it fell to J$136.79 to USD, and in 2020, it fell further to J$146.98 to USD. The COVID-19 pandemic has put further pressure on the Jamaican dollar, leading to its current value of J$150.84 to USD.

Factors Affecting the Exchange Rate

A number of factors can affect the exchange rate between the Jamaican dollar and the US dollar, including:

• Economic growth
• Interest rates
• Inflation
• Political stability
• International trade

Implications of the Exchange Rate

The exchange rate between the Jamaican dollar and the US dollar has a number of implications for the Jamaican economy. A weaker Jamaican dollar makes it more expensive for Jamaicans to buy imported goods and services. It also makes it more difficult for Jamaican businesses to compete with foreign businesses. On the other hand, a weaker Jamaican dollar can make Jamaican exports more competitive in the global market.

Forecasting the Exchange Rate

It is difficult to predict the future exchange rate between the Jamaican dollar and the US dollar. However, economists generally expect the Jamaican dollar to continue to depreciate against the US dollar in the coming years. This is due to a number of factors, including the Jamaican government's high level of debt, the country's dependence on imported goods, and the global economic outlook.

Table: Historical Exchange Rates

Table: Factors Affecting the Exchange Rate

Table: Implications of the Exchange Rate

Table: Forecasting the Exchange Rate