Tue, 29 April
13.1 C
Yerevan
USD: 389.46 RUB: 4.73 EUR: 441.92 GEL: 141.70 GBP: 519.38
spot_img

Armenia: forex market review for May 13-18

YEREVAN, May 20. / ARKA /. Last week the average exchange rate of U.S. dollar at NASDAQ OX Armenia stock exchange rose by 0.18% to 417.24 drams while the weekly trading amounted to  $12.8 million, an increase of 85.51% over the previous week, although no deals were made at the exchange for four days. The average exchange rate of cash dollar increased by 0.18% on Sunday, May 19 to 418.53 drams. This behavior of the U.S. currency was primarily due to the continuing demand for foreign currency on part of businesses and individuals, as well as moderate devaluation sentiments in the market.

This week the U.S. dollar has every reason to increase up to 420.0 drams. However, towards the end of the week, the Armenian currency may again recover a little, thanks to intervention of the Central Bank in the foreign exchange market. The increasing amount of purchases of greenback by businesses and individuals may also contribute to the growth of the U.S. currency. According to the Central Bank of Armenia, net sales of USD by local commercial banks last week amounted to 12.716 million, four times more than 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.


The cost of the euro last week in Armenia was defined by developments at global currency markets where the EUR / USD dropped by 1.17% to 1.2836, and the dynamics of Armenian dram relative to the U.S. currency. After a bumpy start of trading last week the single European currency suffered severe losses amid weaker-than-expected economic data from the euro zone. Indeed, the EU GDP in the first quarter of the year was again in the negative territory, dropping by 0.2%, whereas the German economy saw a slight increase. In addition, signs that the recovery of the world’s largest economy is gaining momentum do not allow investors to relax, thereby putting pressure on the cost of the main currencies. Against this background, the average selling rate of cash euro in Armenia last week fell by 2.06% to 539.83 drams.

The average selling rate of the Russian ruble last week declined by 0.88% to 13.45 drams due to a decrease in the value of the Russian ruble against the U.S. dollar at international currency markets. -0-

Mikael Verdyan, analyst of FOREX CLUB, special for ARKA.
The views of the author do not necessarily represent those of the news agency.

spot_img

POPULAR

Euro exchange rate down 1 point, while US dollar and ruble up

The average market exchange rate of the U.S. dollar to the Armenian dram on April 25, 2025, rose by 0.77 points compared to April 23 and amounted to AMD 390.33.

Armenia may access $25 mln from the IMF under the SBA agreement in June

An International Monetary Fund (IMF) team led by Iva Petrova visited Yerevan from March 31 to April 10, 2025, to conduct discussions for the fifth review under the Stand-By Arrangement (SBA) with Armenia.

Armenian Banks Contribute AMD 28.3 Billion in Taxes During Q1 2025

In the first quarter of 2025, all 18 commercial banks in Armenia ranked among the top 1,000 taxpayers, collectively contributing AMD 28.3 billion in taxes and duties, as reported by the State Revenue Committee.

Armenia’s international reserves rose to $3.9 billion in March, providing 2.9 months of import coverage – WB

Armenia's international reserves increased to $3.9 billion in March 2025, offering 2.9 months of import coverage, according to the World Bank's Monthly Economic Update for April 2025.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

LATEST NEWS

spot_imgspot_imgspot_img