Armenian dram to continue gaining strength against USD

25.11.2010 17:57
Armenian dram to continue gaining strength against USD

YEREVAN, November 25, /ARKA/. Armenia’s national currency, the Dram, will continue to gain strength against USD until the end of this year, Mikael Verdian, an analyst of Forex Club Group of Companies, predicted today.

Speaking at a news conference today at Novosti international press center, he said Forex Club’s forecast is that the exchange rate of USD will drop to 353-350 Drams by the end of the year. The Dram’s exchange rate rose from 365.29 per one USD to 361.67 Drams in a time span between November 10-24. The lowest exchange rate was recorded on November 1 when one USD dollar was trading as low as 357.98 Drams. The highest rate was reported in June when it traded at 377.97 Drams. Today it traded at 361.67 Drams.

According to Verdian, the increasing amount of remittances form Armenians working abroad is another factor to help Dram gain strength. He said next year one USD will be trading on average at 360-263 Drams.

‘We find it a comfortable indicator for Armenian economy. We may also state that the exchange rate will help GDP growth. In our opinion, the exchange rate will be 362 drams at the end of 2011,’ he said.  -0-

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