Armenian FX Market Sees Declines in Dollar, Ruble, Euro Trading Volumes

The Armenian foreign exchange market saw declines in trading volumes for US dollars, Russian rubles, and euros between July 27-31. Dollar transactions decreased from a 37.4% contraction to a 40.3% one, while ruble transactions dropped by 57%, reversing the significant 4.6-fold surge seen in the previous period.

Despite this downturn, ruble trading maintained its dominance on the market, albeit with a narrower margin over dollar and euro transactions. Specifically, ruble trading outpaced dollar transactions by three times and euro transactions by five times, down from four times and eight times respectively.

The intrabank foreign exchange market also saw a reversal in buying and selling trends for dollars and rubles, which increased compared to the previous week. In contrast, euro sales continued to rise while buying declined.

As a result, the dram is expected to depreciate against both the dollar and euro, with exchange rates of 365.5 AMD/USD and 419.5 AMD/EUR respectively. The dram also continues to weaken against the ruble, with an exchange rate of 4.35 AMD/RUB.