After a relative calm, the exchange rate of foreign currencies is once again upset due to the imbalance between supply and demand. In detail, the euro is soaring again and the dollar maintains its record broken a few days ago.
The black market is thus emerging from the lethargy into which it had fallen after its panic at the beginning of October. It is once again experiencing a certain dynamism which recalls the upheavals of the first days of October, when foreign currencies reached peaks.
It must be said that after the significant increase they experienced during this period, these currencies fell before stabilizing. This week, a new cycle of growth began with the record broken by the dollar on the main black exchange markets, notably Square Port Said, the best-known market in the country.
This Thursday, November 14, the euro confirms its upward trend of last week and continues to progress. It trades at exactly 254 dinars for purchase and 256 dinars for sale. Note that this rate can change from one region to another, with a margin of 2 DA, depending on the wilayas.
For its part, the American dollar maintains its record broken at the start of the week. It is trading at 235 dinars for purchase and 238 dinars for sale this Thursday. As for the Canadian dollar, popular with Algerians who have a large community in the North American country, it remained stable. It trades at 159 dinars for purchase and 161 dinars for sale.
Why is the exchange rate on an upward curve?
The black currency market responds to a chaotic phenomenon which makes it unpredictable. However, the law of supply and demand is the main parameter for understanding currency fluctuations. The exchange rate on the black market is therefore impacted by the increase in demand, according to observers. An increase which will have to be confirmed in the coming days, while the period is not favorable for an increase in supply. We should therefore expect a high exchange rate in the coming days.
The exchange rate on the official market
On the official market, foreign currencies are relatively stable, according to quotations from the Bank of Algeria this Thursday. The dollar is trading at 133.62 dinars and the euro is at 141.40 dinars. Although the fluctuations are minimal, the rate has retreated slightly from the start of the week.
