The USD MAD exchange rate fell 0.7 percent to 9.16 from 9.22 in the week of Jan. 19 to 23, driven by a combined basket and liquidity effect that supported the dirham, Attijari Global Research said in its Weekly MAD Insights report.
AGR attributed the move mainly to a negative basket effect of 0.66 percent, which it linked to a sharp appreciation of the euro against the dollar on international markets. It said a smaller liquidity effect of 0.04 percent also favoured the dirham, reflecting what it described as steadily improving liquidity conditions in the interbank market.
In that context, AGR said liquidity spreads eased by 3.5 basis points to 3.14 percent over the week.
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