The Bank of Jamaica has returned to the foreign exchange market, selling foreign exchange to its primary dealers at least twice in less than a week to contain the fall of the local currency.

The Jamaica dollar is on a march back to levels last seen in February when the central bank hiked interest rates to steady its slide.

On Wednesday, the JMD fell in spot market trading against the US dollar to $71.77, a near five cents drop in a day, and not withstanding BOJ's intervention in a day of heavy demand for the greenback.

The central bank sold currency to its dealers at $71.68 for resale to their clients at $71.73. But the market traded the currency even higher, reaching $72 dollars in inter-day trading.

The BOJ had also sold currency into the market last Friday at $71.57 for resale at $71.62. The market closed at $71.65.

The JMD hit a low point of $71.81 on February 8.

business@gleanerjm.com