Currency traders disclose reason for decline in Azerbaijani manat

Currency traders disclose reason for decline in Azerbaijani manat
# 28 July 2016 14:45 (UTC +04:00)

Baku. Yegana Lachinzade – APA-Economics. For a short period from 25 to 27 July, currencies of developing countries have changed in different directions mainly due to the expectations from the Fed meeting on July 27, said Alpari's financial analysts.

During this period, the official exchange rate of the US dollar strengthened by 0.73% against the Turkish lira, by 0.24% against the Chinese renminbi and by 0.12% against the Ukrainian hryvnia.

According to analysts, during the same period the Azerbaijani manat (-1.06%) and the Russian ruble (-1.3%) weakened against the US dollar.

Alpari's analysts noted that the decline in oil prices also led to a sharp depreciation of the manat to the US dollar. In addition, exchange traders are concerned over instability in Nagorno-Karabakh.

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