Iran: Forex and Gold Come Back
EghtesadOnline: Foreign exchange and gold prices closed higher on Sunday in Tehran's forex market paring losses in previous sessions.
The US dollar briefly touched the critical 250,000-rial level breached a session earlier but later retreated and was quoted at 249,500 rials up 1% rise compared to Saturday.
The greenback had lost more than 3% to reach 247,000 rials on Saturday after fluctuating between 250,000- 260,000 rials for six weeks. The UAE dirham gained 0.7% or 500 rials, barely 100 rials shy of 70,000 rials.
The euro and UK pound, however, reversed course and posted losses on Sunday. Both currencies had not lost as the dollar and the UAE currency a session earlier.
The European currency lost 1,830 rials to reach 299,850 rials down 0.62%. The pound fetched 333,321 rials, 0.6% lower compared to previous session, according to eghtesadnews.
Forex rates were largely unchanged at the official exchange shops affiliated to banks. Melli exchange, affiliated to the Bank Melli Iran, tagged the dollar at 248,540 rials down 0.06 % compared to the earlier session.
Increase in forex rates extended soon to the bullion market pushing up gold prices when international markets were closed for the weekend.
The Emami gold coin gained 2.2% or 2.5 million rials to reach 112.5 million rials. Half Bahar Azadi coin was up by 3 million rials to reach 61 million rials, coming out as the best gainer with 4.9% growth. One gram of 18-karat gold was worth 11.07 million rials posting more than 1% rise, the Tehran Gold and Jewelry Union reported.
Highlight: Increase in forex rates extended soon to the bullion market pushing up prices when international gold markets were closed for the weekend