YEREVAN, March 5. /ARKA/. Last week the average exchange rate of USD at NASDAQ OMX Armenia stock exchange decreased by 0.29% to 388.75 drams. The weekly trading amounted to 10.33 million U.S. dollars, by 86.13% more than in the previous week. The average selling rate of cash dollar depreciated by 0.16% to 389.92 drams on Saturday.

The greenback may continue losing its value this week due to concerns of market participants regarding a possible intervention of the Central Bank of Armenia and the declining demand for foreign currency. Indeed, according to a weekly review of the Central Bank of Armenia, net sales of foreign exchange by commercial banks at inter-bank market last week amounted to 10.085 million U.S. dollars, which was 55.37% less than the previous week.

Nevertheless, the demand for foreign currency has not been affected much and therefore we can not say there is declining trend in USD value. The average selling rate of cash dollar in Armenia this week will probably be within 388 - 392 dram.

Categories: Exchange market, General news, News | Comments Off on Review of Forex Market in Armenia for February 27-march 2

Tags: Armenia, Forex market, REVIEW

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