Money changers: Strong demand for Dinar driven by tourism activity

Alaa Deranieh, the secretary of the Jordanian Money Changers Association, confirmed that the Jordanian Dinar continues to see strong demand, driven by several factors, most notably domestic tourism activity and the arrival of Arab tourists to the Kingdom for treatment and tourism purposes.

Deranieh pointed out that the demand for foreign and Arab currencies is witnessing a noticeable calm due to the tensions in the region.

Rafat Abu Qura, an employee at one of the money exchange companies, agreed with Deranieh's statement that the Jordanian Dinar continues to see strong demand, driven by several factors, most notably domestic tourism activity and the arrival of Arab tourists to the Kingdom for treatment and tourism purposes.

Abu Qura pointed out that the demand for foreign and Arab currencies is witnessing a noticeable calm during the current period.

Gold prices saw a slight decline on Wednesday, as market participants took a cautious stance in anticipation of the Federal Reserve's (US Central Bank) decision on monetary policy, which is widely expected to see an interest rate hike.

According to Bloomberg News Agency, the price of gold in spot transactions decreased by 0.1 percent to reach $4288.48 per troy ounce, after recording its lowest level in over a month on Monday.

US gold futures for December delivery also declined by 0.1 percent to reach $4328.1.

As for other precious metals, silver in spot transactions stabilized at $63.67 per troy ounce, platinum declined by 0.3 percent to reach $1770.47, while palladium increased by one percent to reach $1301.61.

The dollar maintained its recent gains yesterday, approaching its highest levels in several weeks against a number of major currencies, in anticipation of the Federal Reserve's decision, which traders expect to see the first interest rate hike in a possible series of borrowing cost increases.