Armenia: forex market review for April 2-6

10.04.2012 14:25
Armenia: forex market review for April 2-6

YEREVAN, April 10. /ARKA/. Thee average exchange rate of U.S. dollar at NASDAQ OMX Armenia stock exchange rose by 0.06% last week to 391.50 drams with weekly trading amounting to 15.57 million U.S. dollars, which was 30.18% higher than in the previous week. The average selling rate of cash dollar rose by 0.07% to 392.57 drams on Monday, April 9. The growth was due to persisting demand for foreign currency and to increase of U.S. dollar’s value in the FOREX market.

Against a possible strengthening of the U.S. currency in the world markets amid the ongoing steady demand for U.S. dollar in Armenia the greenback has every reason to continue growth. Thus, according to the Central Bank, net sales of USD by local banks last week amounted to 25.025 million, which was 3.74% higher than the previous week. It was a record high figure since January 16 this year. The average selling rate of U.S. dollar cash in Armenia this week will most likely be in the range of 391.0 - 394.0 drams.

The euro exchange rate last week was determined by developments at global FOREX market, where EUR/USD fell by 1.86% to 1.3093. Active sales of euro began on April 3, after the publication of the protocol of the last meeting of the U.S. Federal Reserve which completely shattered the hopes of investors.

Euro’s value continued to decline due to renewed concerns over the debt problems of the eurozone against the backdrop of disappointing results of the auction of government bonds in Spain.

At the same time the meeting of the European regulator, as expected, did not bring anything new. The ECB left interest rates at the same level. However, on Friday, April 6, after weak data from the U.S. labor market the single European currency managed to partially recover its position. The average selling rate of euro cash in Armenia past week decreased by 2.02% to 515.68 drams.

This week we should pay attention to the consumer price index and producer prices for March, and the publication of the Federal Reserve economic survey "Beige Book". From European news we would like to single out the publication of the final data on consumer price inflation in Germany in March.  The average selling rate of euro in Armenia this week will probably be within 505 - 520 drams.

The average selling rate of Russian ruble last week declined by 0.53% to 13.21 drams due to decrease in the value of the ruble against the U.S. dollar against the background of a slight fall in oil prices. The cost of the ruble against the U.S. dollar and, consequently, the dram this week will depend on the emerging macroeconomic statistics from the U.S. and the euro area, as well as the dynamics of oil prices.  The average selling rate of the ruble in Armenia over the next five trading days is likely to be 13.10 - 13.35 drams.

Mikael Verdyan, an analyst at GK FOREX CLUB, specially for ARKA.

The opinion of the author may not necessarily represent the opinion of the news agency.


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