Currency traders expect the dollar to continue falling for three reasons
Currency traders expect the dollar to continue falling for three reasons
2023-04-02 03:47
Shafaq News/ The US dollar continues to decline against the Iraqi dinar, on Sunday, as the stock market in Sulaymaniyah witnessed a drop in its price below 1,500 dinars.
Traders in the currency market told Shafaq News agency, “The exchange rate of the dollar will be parallel to what was set by the Central Bank of Iraq for three reasons, the first of which is that the global stock exchange started dealing with the exchange rate announced by the central bank, and the second is the pumping of large sums of dollars into the market by the bank, The last reason is the return of citizens’ confidence in the decisions of the Central Bank.
Traders expected that “the dollar will stabilize in the provincial markets at 1400 dinars per dollar.”
Shafaq News Agency correspondent indicated that the price of the dollar witnessed a clear decline against the Iraqi dinar at the end of last week and the beginning of this week in Sulaymaniyah.
And he indicated that the price of the dollar fell from yesterday, Saturday, to about 3,500 dinars per dollar, and from Thursday, about 6,000 dinars.
Earlier today, a government official predicted that the price of one dollar against the local currency would drop to approximately 1,400 dinars by the end of this week.
In an interview with Shafaq News agency, the official said, “The dollar is witnessing a daily decrease of one to two dollars.”
He added, “The price will then witness stability and a slow decline until it reaches near the official price, with a rise of about three or four orders of magnitude from the official price of 1,300 dinars against one dollar,” adding that there is “a plan for the parallel price to be near the official price and not to fall directly in order to It does not affect merchants and the market.”
shafaq.com
