YEREVAN, April 29. / ARKA /. Last week, the average exchange rate of U.S. dollar at NASDAQ OMX Armenia stock exchange fell by 1.43% to 409.56 drams as the weekly trading amounted to $15.24 million, up 93.65% from the previous week. The average exchange rate of cash dollar went down by 1.09% to 411.97 drams on April 27. The decline was primarily due to the reduced demand for foreign currency by businesses and individuals. It was prompted also by weakening USD at international currency markets.
This week the U.S. currency is likely to consolidate or rise slightly against the anticipated positive trend of the U.S. dollar at international currency markets. Thus, with the continued demand for currency by importers and individuals the average selling rate of cash dollar in Armenia this week will be 410.0 – 415.0 drams.
The recovery of the U.S. currency will also be helped by increased amount of purchases of the U.S. currency by businesses and individuals. According to the Central Bank of Armenia, net sales of foreign currency by commercial banks last week amounted to $0.616 millions, up 86.37% from the previous week.
The cost of the single European currency last week was defined by developments at the global currency markets where the EUR/ USD fell by 0.16% to 1.302.8 and the dynamics of Armenian drams against the U.S. dollar. The single currency traded for most of the week in a relatively narrow range. Mixed macro data on the PMI indices in France and Germany failed to provide clear guidance. In addition, market participants gradually rolled up their positions ahead of the ECB meeting, the results of which will be announced on Thursday, May 2. As a result, the average selling rate of cash euro in Armenia last week fell by 1.72% to 538.06 drams.
The average selling rate of the Russian ruble declined last week by 0.45% to 13.28 drams, due to the rising cost of dram against the U.S. dollar.
By Mikael Verdyan, FOREX CLUB analyst, specially for ARKA.
Views of the author may not necessarily represent those of the news agency
