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Dollar Exchange Rates Increase, Gold Prices Drop

Syrian pound drops as US inflation and housing data helps push dollar to its highest levels in three months
Dollar Exchange Rates Increase, Gold Prices Drop

The dollar exchange in Damascus increased by two Syrian pounds since yesterday, selling at 300 SYP and buying at 298 SYP. In Aleppo, the selling rate was recorded at 295 SYP while the buying rate reached 293 SYP. In Daraa, the dollar selling rate stood at 292.5 SYP, with a buying rate of 291 SYP. In Homs, the exchange rate increased by one Syrian pound as the selling rate reached 295 SYP, while the buying rate reached 294 SYP. 
Syria’s Central Bank set the official dollar exchange rate at 240.20 SYP for selling, and 238.78 for buying.

On the other hand, the price of gold has remarkably decreased, dropping to 9,200 SYP for a 21 carat gram, and 7,886 SYP for an 18 carat gram. The US dollar reached its highest level in three months, as solid US inflation and housing data assisted the dollar to its best performance since May, following Federal Reserve Chair Janet Yellen's statement that US interest rates will likely be lifted later this year. 

The announcement continued to impact today's exchanges with the dollar hitting a four week high against the yen, although markets thinned out with the absence of Japan and the summer holiday season, with trade slowing. 
The dollar index reached a three-month high of 98.088 in European morning trade, increasing by 0.1 percent higher to 124.23 yen, having traded as high as 124.38 yen, then dropping to 0.1 percent against the euro at 1.084.

Translated and edited by The Syrian Observer

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