AMD is being valued

Record amount of dollars has been sold in RA financial market during the last week. Only in the cash foreign currency market, people have supplied more than $110 million to the branches of banks, which is equivalent to the volumes of pre New Year foreign exchange offer.
$17.5 million has been sold at "NASDAQ OMX Armenia" exchange market on a weekly basis, which is also high, although not a record.
Due to the growth in dollar supply, Armenian dram has started to evaluate in regard with dollar. As a result, dollar price has fallen by 4 drams during the week (from 412.10 descended to 408.22).
Growth in the supply of dollar may have 2 reasons in Armenian financial market. First, the harvest of grapes makes about 3 dozen cognac and wine companies to sell foreign currency. According to news.am's calculations, about $40 million will appear (or have already appeared) only in a market conditioned by that factor. If this hypothesis is correct, then dram will continue to feel strong in the coming week as well.
Second, there are all the signs for the U.S. dollar to devalue both in concern with euro and other currencies in the international market. It is conditioned as by European Central Bank’s steps in the direction of overcoming the debt crisis, as well as by the US Federal Reserve System Projects directed towards the economic impetus.
It is no coincidence that in the Forex international market, the euro cuts the threshold of $1.3. Probablu the inevitable expectations of dollar devaluation oblige the local investors to review the structure of reserve assets.