Russia » Economics
Author`s name Ольга Савка

Dinar Declares Jihad on Dollar

Analysts are certain, the economic growth in the USA will not affect the dollar rate

There have been no considerable changed noticed on the money market lately. The dollar rate in Russia remains the same - 30.28 rubles per one dollar. Americans have a holiday on Friday, celebrating July 4th, although the Moscow Inter-Bank Currency Exchange (MICEX) holds currency tender anyway. The dollar is experiencing a certain rise at present, it is becoming more stable. Some specialists even forecast an inconsiderable strengthening of the dollar against the ruble at the end of the current week.

Foreign markets are looking forward to the American employment data. The dollar is growing against the euro, going down vs. the yen, CAD and AUD. Analysts believe that the information about a considerable rise of the American economy will not affect the dollar rate anyway.

Yesterday, the American currency was traded in Moscow on the level of 30.30 rubles per one dollar. Traders say that the trend to reduce the American dollar against the Russian ruble is still actual. The USD is still on the lowest level during the recent 18 months, and the reduction is likely to continue in the future too.

The euro rate has not changed either - 35 rubles per one euro. However, the euro is sliding against the dollar worldwide, which means that the European currency will drop against the Russian ruble as well. ForexPF reports, the euro is approaching the bidding zone of 1.1475/65. Dealers say that euro and yen sales are not going to stop, which is likely to weaken the euro against the dollar. Yesterday, the European currency cost 34.80 in Moscow. Analysts expect that the official euro rate would become 10 or 15 kopecks cheaper.

Japan is currently selling the European currency, but the dollar has to face bad news from the East anyway. The Islamic world is trying to weaken its dependence on the American currency. Iran.Ru website wrote that Malaysia, Iran and Pakistan were the "leaders of the liberation movement." Everyone is aware of the relations between the USA and Iran, Pakistan is balancing between the USA and its own population with fundamental sentiments. Malaysia and Iran have already agreed to use the golden dinar in their mutual settlements already this year. It has been recently announced by Malaysian Prime Minister Mahathir Mohamad, who is also the Malaysian Finance Minister. The new currency (just gold, to be more precise) will be used instead of the American dollar.

Experts say, Malaysia and Iran ventured to be the first to take such a risk because only Kuala Lumpur and Tehran possess the necessary political will to promote such a challenging project. The idea of the joint currency within the Islamic community is not new. Politicians have been discussing it for 30 years already. The sudden reduction of the dollar rate has struck a serious blow on the export-oriented economy of the Muslim world. The prime goal of the political and economic project of the Muslim gold is to weaken the dependence on the American dollar and to increase the mutual trade. The joint international Islamic currency might become the first step on the way to the real integration of the Muslim world, Iran.Ru believes.

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