The Atijari Research Center (AGR) reported a 0.56% decline in the dollar/dirham exchange rate during August 12-16, marking the lowest level in 12 months, with the rate dropping from 9.83 to 9.77.
AGR attributed this decline to a double negative effect from the currency basket favoring the dirham. The dollar’s weakness against the euro contributed -0.37%, while easing liquidity conditions in the exchange market added -0.19%. R
Remittances from Moroccans abroad and strong tourism revenue further supported the dirham.
Anticipating a monetary pivot by the US Federal Reserve in September, AGR analysts expect potential monetary easing in the United States but uncertainty surrounding the extent of this easing potentially leading to currency fluctuations in the coming weeks.
To mitigate risks, AGR recommends importers reduce their operation coverage to less than 3 months.
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