YEREVAN. – The American dollar started the current work week with devaluation against the Armenian dram (AMD) in Armenia’s financial market.   

The US currency’s average exchange rate against the dram comprised AMD 407.37/$1, at NASDAQ OMX Armenia stock exchange on Monday, and this is a 0.02-percent—or an AMD 0.1—drop from the previous trading session on September 20.

Monday’s sales totaled $1.9 million at the stock exchange.

To note, Armenia’s Central Bank had purchased $2 million from the financial market last week. And, in all likelihood, it was due to this intervention that the dollar had gained some value on September 20. On Monday, however, the Bank did not intervene in the exchange rate, and therefore the American currency lost some ground.

The dollar is bought at the AMD 405/$1 and sold at the AMD 409/$1 ranges in Armenia’s cash foreign currency market.