YEREVAN. – The American dollar has entered a devaluation phase in Armenia’s financial market. And the most likely cause for this is the greatly increasing demand for the Armenian dram (AMD), in connection with the companies purchasing grapes from the villagers.   

The US dollar’s average exchange rate against the dram comprised AMD 410.49/$1, at NASDAQ OMX Armenia stock exchange on Tuesday, and this is a 0.40-percent—or an AMD 1.63—drop from Monday.

Tuesday’s sales totaled $4.05 million at the stock exchange.

The dollar’s buying exchange rate fell all the way to AMD 409/$1, in Armenia’s cash foreign currency market, and it is sold at AMD 411/$1.