ArmInfo. During the week of June 22–26, 2026, the Armenian interbank foreign exchange market experienced a shift in trading activity, characterized by a recovery in dollar-denominated transactions and a decline in ruble-denominated trading. Euro trading has remained inactive in the interbank market for the past four months.
Specifically, the trend in dollar transactions reversed from a 22.6% decline to a 78.6% increase, while the trend in ruble transactions reversed—from a 76.3% increase to a 22.2% decline. This allowed the weekly dollar trading volumes to once again exceed ruble volumes by a margin of almost 2 times, reversing the previous week's dominance of the ruble (where ruble trades had led by a factor of 1.3).
Meanwhile, in the interbank foreign exchange market, the pace of dollar purchasing slowed during the reporting week (June 22-26, 2026 compared to June 15-19, 2026), while sales trends shifted from growth to decline. A similar pattern was observed for euro and ruble transactions, where buy-sell trends moved from growth to contraction.
As a result, from June 22 to 26, the dram weakened slightly against the dollar, from 367.5 to 367.8 AMD/USD, continuing to strengthen against both the euro, from 423.5 to 420.3 AMD/EUR, and the ruble, from 4.81 to 4.40 AMD/RUB. A year earlier, on June 26, 2025, the dram exchange rate against the dollar was 384.5/$1, against the euro – 446.5/EUR1, and against the ruble – 4.86 drams/RUB1. Compared to current rates, this indicates an annual revaluation of the dram against the dollar, euro, and ruble of 4%, 6%, and 9%, respectively.
According to the Central Bank of the Republic of Armenia, both dollar and ruble transactions were conducted daily throughout the reporting period. As a result, the total weekly dollar transaction volume amounted to $32.5 million at an average rate of AMD 368.10/$1 (compared to AMD 368.15/$1 the week before), while the weekly ruble transaction volume amounted to 1.364 billion rubles at an average rate of AMD 4.90/RUB (compared to AMD 5.04/RUB the week before). The maximum volume of ruble transactions was recorded on Monday (June 22) - 575 million rubles, and the following day (June 23) saw the largest volume of dollar transactions - $13 million.
In the interbank FX market from June 22 to 26 of this year, compared to the previous week (June 15-19), the decline in dollar purchases accelerated from 7.8% to 14.5%, with the sales trend reversing from 8.7% growth to an 11.7% decline. The euro purchase and sale trend reversed from 21.7-23.3% growth to a 16.1- 13.4% decline. This was also observed for ruble transactions, where the purchase and sale trend reversed from 14-13% growth to a 5.4-6.6% decline. As a result, during the reporting week, $194.3 million was purchased at an average rate of AMD366.93/$1, 58.9 million euros at an average rate of AMD 417.03 /EUR, and 9.7 billion rubles at an average rate of AMD 4.78 /RUB. Additionally, $248.6 million was sold at an average rate of AMD 369.17/$1, 65.7 million euros at an average rate of AMD 423.07/EUR, and 2.9 billion rubles at an average rate of AMD 4.97/RUB.
Market activity reached its highest points on the following days: June 22 (Monday)- maximum volume of ruble purchases (2.7 billion RUB); June 23 (Tuesday)- Maximum volume of ruble sales (885.3 million RUB); June 25 (Thursday)- Maximum volume of dollar sales (exceeding $54.8 million) and June 26 (Friday)- Maximum volume of dollar purchases ($43.6 million) and Euro trading activity (16.8 million EUR purchased; 15.6 million EUR sold).
According to the Central Bank of Armenia, from January to April 2026, the Central Bank intervened in the foreign exchange market totaling $763.1 million, strengthening the exchange rate from AMD 381.49 s/$1 in December to AMD 373.40/$1 in April.
In the interbank foreign exchange market from January to April 2026, $2.8 billion, EUR708 million, and 138.2 billion rubles were purchased, while $3.02 billion, EUR872 million, and 55.5 billion rubles were sold. This resulted in a buying rate in the intra-bank foreign exchange market in April of AMD 372.96 /$1, AMD 434.06/EUR, and AMD 4.84/RUB, and a selling rate of AMD 375.33/$1, AMD 440.02 /EUR, and AMD 4.94/RUB, compared to December 2025 rates of AMD 380.38/$1, AMD 442.74/EUR, and AMD 4.83/RUB for buying, and AMD 382.62/$1, AMD 449.26/EUR, and AMD 4.91/RUB for selling.
USD transactions totaling $214.7 million, EUR transactions totaling 5.3 million, and RUB transactions totaling 9.7-10.5 billion were concluded in the interbank FX market from January to April 2026. Moreover, no euro transactions were concluded in March or April. During this period, the dram weakened slightly against the ruble to AMD 4.89 /RUB and strengthened against the dollar to AMD 372.99 /$1, up from AMD 4.88RUB and AMD 381.33/$1 in December 2025, respectively.
Recall, in the Armenian FX market, dollar-denominated transactions totaling $18.2 million were conducted during the period of January through April 2026. This activity was accompanied by a strengthening of the Armenian dram, which reached 371.41 AMD/USD in April, up from 387.75 AMD/USD in October 2025— the point at which dollar operations on the exchange had last been recorded prior to this period.
