YEREVAN, July 22./ARKA/. Last week, the cost of U.S. dollar at NASDAQ OMX Armenia stock exchange rose by 0.21% to 410.41 drams as the weekly trading rose to $12.92 million, 46.15% higher from the previous week. The drop in the value of the greenback was 0.04%, and on 20 July it hit 411.33 drams. It was due to no transactions at the forex market. reduced demand by businesses and individuals.
Moreover, weaker USD positions at international FOREX market have also made the Armenian dram more attractive.
This week the USD rate is expected to consolidate or slightly increase as some dealers go on increasing their positions amid the USD failure to get stuck lower of supportive 410.0 drams. However, bearing in mind the expected negative USD dynamics against its main competitors, we can suppose the American currency will hardly rise significantly.
However, the USD will be rising as people and businesses buy more dollars. Indeed, according to the Central Bank of Armenia, net sales of foreign exchange by commercial banks last week upped three times from last week to 12,615 million.
We expect the USD to be sold at 409.0 – 414.0 drams this week in Armenia.
The cost of euro last week was determined by developments at the global currency market where the EUR/USD rose by 0.57% to 1.3141and the dynamics of the dram against the U.S. currency.
The European currency increased as Mr. Ben Bernanke, chairman of the U.S. Federal Reserve, said the terms of stimulus program would depend on the economic and financial situation of the country. Nevertheless, the situation was reserved at the market. Economic conditions index in Germany didn’t raise optimism either.
Strengthening dram last week was another factor restraining the rise in the value of USD and Euro. As a result the euro rose by 0.35% to 541.85 drams.
The Russian ruble rose last week by 0. 55% to 12.82 drams, due to its rising cost against the U.S. dollar.
Mikael Verdyan, an analyst at FOREX CLUB, specially for ARKA news agency.
The opinion of the author does not necessarily reflect that of the agency.—0-
