Casablanca – The Moroccan dirham weakened against the US dollar in the week of March 9 to 13, 2026, with the USD/MAD pair rising 1.27% from 9.31 to 9.43, according to Attijari Global Research.
The move came from a mix of external pressure and tighter local market conditions. The dollar gained ground globally as investors moved toward safe-haven assets, driven by rising geopolitical tensions in the Middle East. That shift alone contributed 0.64% to the pair’s increase, reflecting what AGR describes as a basket effect.
At the same time, liquidity conditions in Morocco’s interbank foreign exchange market became more constrained. This added another 0.63% to the dollar’s rise, pointing to a liquidity effect that amplified the overall move.
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Spreads followed the same direction. They tightened by 61.6 basis points to settle at minus 1.72%, a sign of increasing pressure in the market’s short-term funding environment.
The broader backdrop remains tense. Developments around the Strait of Hormuz and continued volatility in energy markets are feeding uncertainty, which tends to support the dollar further.
AGR says operators should stay cautious. In the current environment, it advises covering foreign exchange positions considering short-term horizons, as visibility remains limited and swings could continue in the coming weeks.
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