06.05.2013 15:36
YEREVAN, May 6. /ARKA/. Last week, the average exchange rate of the U.S. dollar at NASDAQ OMX Armenia stock exchange rose by 1.57% to 415.98 drams with weekly trading totaling $ 6.70 million, which was 56.04% less than the previous week. The average exchange rate of the greenback rose further by 1.28% on Saturday, April 4, to 417.24 drams. The rapid rise was primarily due to the continuing demand of businesses and individuals for foreign currency as well as moderate devaluation sentiments in the market. The relatively strong standing of the U.S. currency at international currency markets was another factor enhancing the attractiveness of this asset.
This week the U.S. dollar has every reason to continue the rise up to 420.0 drams. However, towards the end of the week, the Armenian currency is likely to again recover a little. The rise of the USD may be backed also by the intervention of the Central Bank in the foreign exchange market.
The rise in greenback’s value will be also backed by the ongoing demand for it by individuals and businesses. According to the Central Bank of Armenia, net sales of foreign exchange by commercial banks last week amounted to $12,369 million, up from $616,000 the previous week. According to our estimates, the average selling rate of cash dollar this week is likely to be between 415.0 - 421.0 drams.
Categories: Analytics, Exchange market, General news, News | Comments Off on Armenia: Forex Market review for April 29 – May 3
Tags:
Read more
