USD/MAD Climbs 0.58% in November: Morocco's Dirham Stability and 2026 Exchange Rate Outlook

The USD/MAD exchange rate saw a moderate appreciation of 0.58% in November, signaling a continued slight favorability for the US dollar, according to BMCE Capital Global Research (BKGR). This movement was primarily driven by a negative basket effect, despite an improved domestic market liquidity. Conversely, the EUR/MAD pair experienced a slight decline of 0.13%, supported by a positive basket effect. The Moroccan Dirham demonstrated relative neutrality, maintaining stability against its main reference currencies due to strong external fundamentals. Looking ahead, BKGR forecasts specific target levels for both EUR/MAD and USD/MAD for the first quarter of 2026 and a six-month horizon, anticipating shifts influenced by the EUR/USD parity and liquidity spreads.

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