Armenia: Forex market review for June 3-7

10.06.2013 17:32
Armenia: Forex market review for June 3-7

YEREVAN, June 10. /ARKA/. Last week, the average weighted exchange rate of U.S. dollar at NASDAQ OMX Armenia stock exchange fell by 0.97% to 413.44 drams as the weekly trading decreased by 47.52 percent from the previous week to $8.88 million. The average exchange rate of the greenback declined further by 0.95% on June 8 to 414, 72 drams on the back of falling demand for foreign currency by businesses and individuals and depreciation of U.S. dollar at international currency markets.

This week the U.S. dollar’s value is likely to consolidate or rise a little against the backdrop of anticipated positive trends at international currency markets. Thus, in view of the ongoing demand for currency the average selling rate of cash dollar this week will be between 413.0 - 418.0 drams. The recovery of the U.S. currency will be prevented by slashed amount of its purchase by individuals and businesses. According to the Central Bank of Armenia, net sales of greenback by local commercial banks last week dropped to $2.392 million, 67.96% less than the previous week.

The cost of euro last week in Armenia was determined by developments at global currency markets where the EUR/USD rose by 1.70% to 1.3216, and the dynamics of Armenian dram against the U.S. dollar. The single European currency has seriously strengthened its position after the European regulator decided not to change the terms of its monetary policy, leaving its key interest rate unchanged at 0.50%.

In addition, conflicting data from the U.S. labor market prompted speculation about the need to continue the program of quantitative easing in the previous amount. As a result, the average selling rate of cash euro in Armenia last week rose 0.83% to 551.31 drams.

The average selling rate of cash Russian ruble last week declined by 2.11% to 13.01 drams due to the rising cost of the dram against the U.S. dollar and its against U.S. dollar at international currency markets. -0-

By Mikael Verdyan, FOREX CLUB analysts, written specially for ARKA news agency.
The views of the author may not necessarily represent those of the agency

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