Investors are benefiting from cheaper purchase prices and capital gains on an overseas property due to the recent decline in the strength of the US Dollar against the Euro and the Pound.
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When the U.S. Federal reserve chairman, Ben Bernanke announced on Tuesday that a slowdown in housing construction would remain a drag on economic growth "somewhat longer" than expected, the dollar exchange rate dropped against the euro immediately.
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Buoyed by sustained FII inflows into the equity market, the rupee recovered partially against the US currency in morning trade on Thursday.
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An ugly duckling in its infancy, the dram appears to be a daring teenager 13 years after its birthday.
When the Armenian currency was first introduced on November 22, 1993, Armenia was one of the last former Soviet republics to leave the ruble zone (only ahead of Tajikistan) and according to specialists leading the finance sphere back then it was a forced step and should have been taken at least eleven months earlier.
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