The euro does not stop falling even this week, it approaches 106 lek again; the dollar rises

The common currency has shown a downward trend throughout this week in the domestic foreign exchange market, after the slight increase it recorded last week.

According to the official exchange rate of the Bank of Albania, one euro was exchanged today for 106.44 ALL, from 107.6 ALL that the exchange rate closed on Friday a week ago, when the common currency was temporarily strengthened due to the interventions of the Bank of Albania. that bought about 15 million euros of currency in order to supplement its foreign exchange reserve.

Compared to the previous day, the euro fell by 0.30 ALL.
The decline of the euro in the domestic market was also affected by its devaluation in the international stock exchanges, where the common currency was exchanged for 1.084 dollars, from almost 1.1 dollars that was a week ago, while the green currency was affected by the improvement of the indicators of the US economy.

Unlike the euro, the dollar is overvalued today in the domestic market, in line with the developments in the international stock markets. One dollar was exchanged today for 98.15 ALL, or 0.35 ALL more than the day before.

Market players claim that the main factor for the weak euro continues to be related to the high supply of currency and weak demand for it. The offer has increased with the increase in the country's tourist activity, but still the highest impact is given by the informal currency that circulates in the country.

With the effects of the season expected to further intensify in the coming weeks, culminating in the first days of August, the euro is expected to continue its weakening trend.

During this year, the euro was exchanged at an average of 112.8 ALL, while in the first months of the year it was exchanged at an average of 114-116 ALL. This is the lowest historical level, while the average of 2022 was almost 119 ALL.

The strong downward trend started in May. After the end of the elections, the euro rose temporarily for a few days, only to return to strong devaluation./Monitor

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