Saturday, June 22, 2024

After the fall of safe haven currencies, the Syrian pound reached record highs


After last week’s rally, investors were worried about tensions in Ukraine. At the same time, the Syrian pound set a new record against the European Union and the Turkish currency.

Dollar rise

The Japanese yen, a safe haven, fell on Friday, and risk-sensitive currencies such as the Australian dollar rose, leaving investors satisfied with plans for talks between the US and Russia on the Ukraine crisis.

The Swiss franc, a safe haven for the yen and rivalry, has been gaining traction over the past week with investors warning of rising tensions on the Ukrainian border, with more than 100,000 troops stationed on the Ukrainian border. Western powers say Russia is looking for a reason to invade, an allegation Moscow has denied.

Sentiment among investors improved after the news Came Late on Thursday, US Secretary of State Anthony Blinken accepted an invitation to meet with Russian Foreign Minister Sergei Lavrov this weekend.

It came at the start of a tumultuous day in which Kiev forces and pro-Russian separatists opened fire.

In the same context, the dollar rose 0.3 percent against the yen to hit a two-week high of 115.3 yen on Friday, February 18, hitting a two-week low of 114.79. The Russian ruble was down 0.88 percent at 77.08 against the dollar. The euro also fell 0.3 percent against the dollar to $ 1.1328.

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Read or listen: After the fall of the dollar, the rule of law speaks of movement around the exchange rate

Bitcoin is down to an all-time low

Bitcoin fell 0.52 percent, or $ 40,000, on Friday on renewed fears of an immediate Russian invasion of Ukraine and the possibility of higher US interest rates this year.

The world’s largest cryptocurrency fell 4.9 percent to $ 39,781 in the last 24 hours, while the second largest digital currency, ether ether, fell 6 percent in the last 24 hours. , $ 2796.

Economist Edward Moya described Thursday as the worst day of the year after cryptocurrencies plummeted and US stocks plummeted, following Russia’s continued build-up of troops on the Ukrainian border.

Read or listen: The white dollar increases the suffering of the Syrians

Syrian pound .. where?

The Syrian pound traded lower in early trade today, Saturday, against the US dollar, the Saudi riyal and the emirate dirham, but rose as much as the euro and the Turkish lira.

The exchange rate of the Syrian pound against the dollar on the black market was 00 3600 for a buy in Damascus, reaching 35 3635 against the selling price of the dollar, an increase of 0.14 per cent. According to the Central Bank of Syria, the value of the dollar reached 2525 Syrian pounds per dollar as it stabilized.

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In Aleppo, the dollar against the pound reached 3,595 Syrian pounds, and selling price rose 0.14 percent to 3,630 pounds. The exchange rate of the dollar against the pound also reached the city of Idlib today, Saturday, February 19, with 50 3650 for buying and 3, 3,690 for Syria.

The buy price of the Turkish lira against the Syrian lira reached 259 lira, while the selling price reached 299 lira. The euro exchange rate against the Syrian pound was 4 4,072 for buy,, 4,116 for sale and, 4,116 for sale.

According to a bulletin by the Goldsmiths and Jewelers Association, a gram of gold was trading at 21 carats, 185 thousand Syrian pounds on Friday. The price of a gram of 18 carat gold was 158,571 Syrian pounds.

As for the actual price of gold in the markets, the price of a gram of 21-carat gold in Damascus is 194 194,184 for sale and 192 192,317 for purchase. While in Aleppo, it was priced at 193 193,917 for sale and 192 192,050 for purchase. At Idlip, it reached, 197,118 for sale and 194,984 for purchase.

Read or listen: Huge business losses in the Syrian economy are billions of dollars

What Are Safe Refugee Coins?

Safe Refugee Currency is a currency that is considered safe during geopolitical and economic turmoil. Thus, when natural disasters, wars, and stock market crashes occur, investors and traders tend to buy safe havens. This leads to an increase in the value of safe haven coins and a decrease in the value of coins associated with them.

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The Japanese Yen and Swiss Franc have been at the forefront of the most important safe haven currencies that have proven their strength and resilience in the face of economic and geopolitical turmoil in recent years. The US dollar lags behind them in terms of the size of the US economy, including the widespread use of the US dollar in the world.

Read or listen: Continuing degeneration

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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