YEREVAN, December 2. / ARKA /. The Armenian dram has lost another 7 percent of its value against the US dollar today trading at average 442.3 drams, the Central Bank reported.
The regulator said the value of the dram against euro has also dropped by 7.4 percentage points to 549.95 drams. Nasdaq OMX Armenia stock exchange said no transactions with currency were effected today.
The dram began losing its value against US Dollar in October. The depreciation accelerated on November 24, when the dram’s average exchange rate shot from 419 to 435 per dollar.
The Central Bank attributed the dram’s weakening, to “recent developments in the regional and international financial markets,” highlighting the worsening economic situation in Russia, Armenia’s major trade partner, the depreciation of the Russian ruble and the falling prices of commodities at international markets. -0-
