Tuesday, March 31 2020 12:28

ArmInfo.Having overstepped the psychological mark  of 500 drams, the US dollar exchange rate in Armenia fully complies  with current market realities, thereby adequately responding to both  internal and external corrective factors, market participants  surveyed by ArmInfo say.

 It should be noted that, as of March 30,  2020, the AMD exchange rate in the retail currency market of Armenia  against the dollar amounted to 503.5 drams / $ 1, and against the  euro - 554 AMD / 1 euro, against 478.8 AMD / $ 1 and 528 AMD / 1 euro  recorded on March 2, and in relation to the dollar and the euro, AMD  dramatically devalued by 5%.

According to one of the largest dealers who asked for anonymity, the  course behaves quite predictably and nothing extraordinary happens  with the currency, especially since in the world since the  introduction of restrictions due to coronavirus and an unprecedented  reduction in the price of oil and the resulting economic  consequences, there are much more depreciated currencies. <The  weakening of the drama, devoid of speculative volatility, is due,  globally, to the same global uncertainty, but in practical terms, it  fully meets the interests of the Armenian economy and its export  component, partially tied to the Russian ruble>, the dealer  emphasized. According to him, market participants in the short term  expect an appreciation in the range of 510-520 dr / $ 1, depending on  the degree of depth of today's uncertainty and the behavior of the  ruble, which will be caused, among other things, by attempts to  resume the OPEC + transaction.

Recall that in Russia, the national currency exchange rate jumped  sharply on March 11 to 72 rubles per dollar against the background of  the failure of the agreement to extend OPEC +. The high volatility of  the ruble by March 24 led to a "seizure of the line" of 81 ruble per  dollar, bouncing to March 30 to 77.7 rubles per dollar.