The dollar is depreciating against most basket currencies. The euro is also strengthening against the US dollar.
The statement came from economist, MP Vugar Bayramov, Qadin.Net reports quoting publika.az.
According to him, the single European currency is being exchanged against the dollar at the highest rate in the last two years: "Currently, the euro-dollar exchange rate is approaching the psychological level of 1.20."
The MP said that the decline in the dollar began to accelerate after the speech of the chairman of the US Federal Reserve (Fed) Jerome Powell at the Jackson Hole Symposium on August 27 this year. the target indicator will be used. This means that the Fed will no longer use the symmetric indicator. The weakening of the dollar has also affected the gold market. The precious metal, which gained 24 percent in value over the past month, rose another 2 percent today. Of course, all this does not mean that the dollar will fall sharply.
Bayramov stressed that the weakening of the dollar in the global market should not mean the strengthening of the Azerbaijani national currency against the US currency.