USD at 10-Month High

According to Tehran Gold and Jewelry Union’s website, the rial was quoted at 40,710 to the dollar in the open forex market on Monday, marking an increase of 60 rials compared to Sunday. This is while USD’s official rate also climbed by 40 rials to reach 34,999 rials. Euro, the other high-demand currency, registered a 10-rial growth compared with Sunday’s close and changed hands for 47,880 rials. Other high-trade currencies in Tehran’s market, namely Turkish lira and Emirati dirham, which traders significantly use in transactions with these countries, also surged.  Lira and dirham changed hands for 10,830 rials and 11,190 rials, respectively, according to Financial Tribune reported.