By Samvel Avagyan

YEREVAN. – US Dollar’s exchange rate against the Armenian Dram (AMD) comprised AMD 387.96, at NASDAQ OMX Armenia stock exchange on Tuesday, which is a 0.18-percent increase from Monday. 

In general, $9.3 million were sold at the stock exchange on Tuesday. And it is possible the Central Bank has conducted a foreign currency intervention.

At Armenia’s cash foreign currency market, the exchange offices raised the dollar’s value by close to half dram. Several offices already purchase one dollar at AMD 387, and primarily sell at AMD 389. 

The Armenian national currency is weakening these days for two reasons. First, the quantity of the dram sharply increased in the market because of the pre-holiday commotion. And the second reason is the banks’ expectations. One dollar’s exchange rate is expected to pass the AMD 400 limit, which compels the banks and the “rich” to keep free resources in foreign currency.