The dollar was expected to hit the $80 mark, but analysts predicted it would have happened next year. Global events, however, have overtaken those forecasts.

On Tuesday, the spot rate reached $80.15, but might have fallen further were it not for the Bank of Jamaica selling currency to its primary dealers for resale to end users at that price.

BOJ intervened

The central bank intervened again on Thursday at the same price after the dollar slipped to $80.18 on Wednesday.

Mark Croskery, chief executive of Stocks and Securities Limited, acknowledged that the pace of the global economic decline, as well as Jamaica's, had overtaken his January prediction.

The JMD he said has depreciated by more than 10 per cent in the past eight weeks.

Croskery says the market should expect further pressure on the dollar and continued depreciation, while interest rates will likely trend higher, given the 24.45 per cent yield on this month's six-month Treasury Bill.

On Thursday, the dollar traded spot at $80.19, while the 10-day moving average rose to $79.73.

sabrina.gordon@gleanerjm.com