The dollar market has fluctuated a lot in recent days. Some of these fluctuations can be attributed to the ineffective start of price growth in the capital market. On the other hand, Barjami negotiations have been accompanied by several roofs and air. The approach of the elections and the government’s efforts to reduce the price of the dollar and the lack of central bank support in this regard have also been important margins that we have witnessed in recent days. In the following, we will evaluate the trend of the dollar exchange rate this week. Please be with Artan Press.
*** Evaluate the dollar exchange rate this week
The dollar market started its uptrend on the first day of the week. This currency started trading on Saturday at the rate of 23 thousand and 870 Tomans and rose to 24 thousand Tomans. This week, what will have the biggest impact on the dollar exchange rate until election day will be the remittance fluctuations. On Saturday, as I saw, crossing the psychological border of 6,600 Tomans caused a sharp increase in the price of the dollar in the middle of the day. An issue that has been on the foreign exchange market since the beginning of last week is the fact that the rise in the value of the dollar was mainly related to the news of the continuation of the negotiations and that the negotiation process may be tied to the outcome of the local elections.
*** Withdrawal of capitalists from the currency game
The issue we are witnessing in the current situation is the significant supply of dollars in the free market and the organized foreign exchange market. In the last days before the election, investors seem to have preferred to withdraw their capital from the risky dollar and currency markets. But with all these conditions, the market also has a buyer for the dollar. This has led to the return of financial markets this week to be positive, except for the stock market. The government is making great efforts to reduce the price of currency in the last days of its government. But there are hands in the market and they do not allow this orderly price reduction. Certainly the government will not take further action in the current situation and the government will probably deliver the dollar at the same current prices.
*** Evaluate the dollar rate in the week leading up to the election
Along with the growth of supply in the dollar sector, we are witnessing a similarly high volume of supply in the euro sector. The euro market is fluctuating further due to the strong influence of the dollar. Because the two factors of gold and the dollar are influential in the exchange rate of the euro, this currency experiences more fluctuations in the market than the dollar.
Evaluations made by the dollar and euro sales bases show that the supply volume of the euro has increased 11 times since April 27th. In general, the supply of the euro is at a low level and is very volatile. The weak growth of the free market euro and the narrowing of the gap between the Senate and the free market may be due to the low level of demand for this currency. Continuation of this trend will lead to a significant price gap for this currency.
It seems that by the end of the week, the volatile foreign exchange market will experience fluctuations of up to 500 Tomans. But it is likely that the current dollar and euro exchange rates will stabilize in the open market, assuming that the nuclear talks go on for a long time and the outcome is dragged on after the election. Expecting price growth in the foreign exchange market is almost unexpected. Unless we see a major event in the nuclear deal.
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