NASDAQ OMX Armenia participants, anticipating central bank’s interference, refrain from concluding Forex deals

12.03.2012 20:58
NASDAQ OMX Armenia participants, anticipating central bank’s interference, refrain from concluding Forex deals
YEREVAN, March 12. /ARKA/. No transactions were effected today at NASDAQ OMX Armenia stock exchange, since market players, anticipating the central bank’s interventions aimed at saving the national currency from devaluation, refrained from concluding forex deals, Mikael Verdyan, analyst at FOREX CLUB, said on Monday.
“On March 7, a day before the Women’s Day, the U.S. dollar traded at the highest in recent time rate - 390.17 drams - at the stock exchange,” he said. “That is why market players displayed cautiousness.”
The analyst also pointed out a wide gap between demand and supply as another factor that deterred market participants from exchanging currencies.
The dollar was supplied for 390.25 drams and demanded for 389 drams at the stock exchange.
“Today sellers at the stock exchange, fearing the central bank would interfere to save the dram from devaluation, didn’t want to sell dollars at a low price,” Verdyan said. “As a result, the auction participants failed to reach an accord.”
The expert thinks the dollar will keep strengthening against the Armenian national currency, and the dram will plunge to 391 or 391.5 per one dollar this week. If the regulator interferes, the dollar will be traded at 387 to 388 drams at the stock market.
According to his forecast, market exchange rate will be $1 – AMD 393, but if the central bank makes interventions, it won’t exceed $1 – AMD 389.
The latest forex transaction at NASDAQ OMX Armenia was effected on March 7, when the dollar traded at 390.17 drams, on average.
Today, the central bank raised the dram-dollar exchange rate by 0.03 percentage points, compared with March 7, to 389.82 drams per one dollar.-0-

YEREVAN, March 12. /ARKA/. No transactions were effected today at NASDAQ OMX Armenia stock exchange, since market players, anticipating the central bank’s interventions aimed at saving the national currency from devaluation, refrained from concluding forex deals, Mikael Verdyan, analyst at FOREX CLUB, said on Monday.

“On March 7, a day before the Women’s Day, the U.S. dollar traded at the highest in recent time rate - 390.17 drams - at the stock exchange,” he said. “That is why market players displayed cautiousness.”

The analyst also pointed out a wide gap between demand and supply as another factor that deterred market participants from exchanging currencies.

The dollar was supplied for 390.25 drams and demanded for 389 drams at the stock exchange.

“Today sellers at the stock exchange, fearing the central bank would interfere to save the dram from devaluation, didn’t want to sell dollars at a low price,” Verdyan said. “As a result, the auction participants failed to reach an accord.”

The expert thinks the dollar will keep strengthening against the Armenian national currency, and the dram will plunge to 391 or 391.5 per one dollar this week. If the regulator interferes, the dollar will be traded at 387 to 388 drams at the stock market.

According to his forecast, market exchange rate will be $1 – AMD 393, but if the central bank makes interventions, it won’t exceed $1 – AMD 389.

The latest forex transaction at NASDAQ OMX Armenia was effected on March 7, when the dollar traded at 390.17 drams, on average.

Today, the central bank raised the dram-dollar exchange rate by 0.03 percentage points, compared with March 7, to 389.82 drams per one dollar.-0-


Tags:

Partners news
Loading...

Related Posts