ArmInfo. Trading volumes for U.S. dollars, Russian rubles, and euros all experienced declines on the Armenian foreign exchange market between July 27 and 31.
The contraction in dollar transactions accelerated slightly, dropping from 37.4% to 40.3%, while the market for ruble transactions saw a sharp reversal—shifting from a significant 4.6-fold surge in the previous period to a 57% decline. Meanwhile, euro transactions decreased by 33.3%.
Despite the downturn, ruble trading maintained its overall dominance on the market, though its margin over dollar transactions narrowed from four times to three times the volume. Similarly, the ruble's dominance over euro transactions narrowed from eight times to five times. Dollar transactions continued to outpace euro trading by nearly double.
On the intrabank foreign exchange market during the reporting week (July 27-31, 2026 compared to July 20-24, 2026), the buying and selling trend in dollars and rubles reversed from a decline to an increase. For euro transactions, the increase in sales was accompanied by a reversal of the buying trend to a decline.
As a result, from July 27 to 31, 2026, the dram is set to depreciate against both the dollar, from 363.3 to 365.5 AMD/USD, and the euro, from 414.8 to 419.5 AMD/EUR, while continuing to weaken against the ruble, from 4.25 to 4.35 AMD/RUB. A year earlier, on July 31, 2025, the dram exchange rate against the dollar was 382.8 AMD/USD, against the euro – 440 AMD/EUR, and against the ruble – 4.75AMD/RUB. Compared to current rates, this indicates an annual revaluation of the dram against the dollar, euro, and ruble by 5%, 5%, and 8%, respectively.
According to the Central Bank of Armenia, from July 27 to 31 of this year, four ruble transactions were conducted on the interbank FX market, two dollar transactions, and one euro transaction. Moreover, on Wednesday and Thursday (July 29 and 30), both dollar and ruble transactions were carried out simultaneously, and on Monday (July 27), ruble and euro transactions. The interbank currency market was completely empty on Tuesday (July 28). As a result, the total weekly volume of dollar transactions amounted to $4 million at an average rate of 367.63 AMD/USD (compared to 367.45 AMD/USD the week before), the weekly volume of ruble transactions amounted to 922 million rubles at an average rate of 4.64 AMD/RUB (compared to 4.67 AMD/RUB the week before), and the volume of a single euro transaction amounted to 2 million euros at an average rate of 415.60 AMD/EUR (compared to 415.50 AMD/EUR the week before).
The maximum volume of dollar and ruble transactions on Wednesday (July 29) - $3.5 million and 420 million rubles, respectively. On the intrabank foreign exchange market from July 27 to July 31 of this year, compared to the previous week (July 20-24), the dollar buying and selling trend moved from a 17.1-31.2% decline to a 9.4-14.4% increase. This was also observed in ruble transactions – the buying and selling trend moved from a 9.1-56.6% decline to an 11-44% increase. In euro transactions, sales moved from a 15% decline to an 8.3% increase, accompanied by a reversal of the buying trend – from a 51.1% increase to a 32.5% decline. As a result, during the reporting week, $213.9 million was purchased at an average rate of 364.76 AMD/USD, 39.9 million euros at an average rate of 414.32 AMD/EUR, and 7.99 billion rubles at an average rate of 4.52 AMD/RUB. Additionally, $197.9 million was sold at an average rate of 367.36 AMD/USD, 58.8 million euros at an average rate of 420.80 AMD/EUR, and 3.8 billion rubles at an average rate of 4.62 AMD/RUB. The intrabank foreign exchange market saw its highest volume of ruble purchases on Monday (July 27 - 2.1 billion rubles), followed by the highest volumes of dollar, euro, and ruble sales on Tuesday (July 28 - $51.9 million, EUR 13.5 million, and RUB1.3 billion). At the end of the week, Thursday and Friday saw the highest volumes of dollar and euro purchases (July 30 - $55.6 million, July 31 – EUR 10.1 million). According to the Central Bank of Armenia, from January to May 2026, the Central Bank intervened in the foreign exchange market totaling $983 million, strengthening the exchange rate from 381.49 AMD/USD in December to 368.69 AMD/USD in May.
On the intrabank foreign exchange market from January to May 2026, $3.5 billion, 859.4 million euros, and 180.7 billion rubles were purchased, while $3.9 billion, 1.1 billion euros, and 67.1 billion rubles were sold. This resulted in a buying rate on the intra-bank foreign exchange market in May of 367.19 AMD/USD, 427.04 AMD/EUR, and 4.97 AMD/RUB, and a selling rate of 369.75 AMD/USD, 433.87 AMD/EUR, and 5.11 AMD/RUB, compared to December 2025 rates of 380.38 AMD/USD, 442.74 AMD/EUR, and 4.83 AMD/RUB for buying, and 382.62 AMD/USD, 449.26 AMD/EUR, and 4.91 AMD/RUB for selling.
USD transactions totaled $238.6 million, EUR transactions totaled 5.3 million, and RUB transactions totaled 15.5-16.3 billion on the interbank currency market from January to May 2026. Moreover, no euro transactions were executed in March-May. During this period, the dram weakened slightly against the ruble to 5.10 AMD/RUB and strengthened against the dollar to 368.84 AMD/USD, up from 4.88 AMD/RUB and 381.33 AMD/USD in December 2025.
Recall,, ruble transactions on the Armenian interbank FX market began on March 14, 2022. On the currency exchange platform, dollar transactions worth $22.2 million were carried out in January-May 2026, accompanied by a strengthening of the dram to 368.51 AMD/USD in May from 387.75 AMD/USD in October, when dollar transactions last appeared on the exchange a year earlier.
