Forex Down, Gold Sends Mixed Signals
EghtesadOnline: After a brief rally in the session before, foreign exchange rates retreated on Wednesday in Tehran’s unofficial market.
The dollar went as high as 263,500 rials on Tuesday before giving up more than 2.2% or 6,000 rials on Wednesday to finish at 257,000 rials.
Other currencies also saw big losses. The euro slipped more than 1.4% or 3,900 rials to buy 282,120 rials and the UAE dirham lost more than 2.4% to close at 69,900 rials. The UK pound sterling was quoted at 341,500 rials, down 0.86% or 2,970 rials on the session before.
Prices slipped also in the official exchange bureaus operated by the Central Bank of Iran. The Melli Exchange, affiliated to the state-owned Bank Melli, tagged the dollar at 245,470 rials, about 0.54% higher over Tuesday.
In the regulated market, where currency is traded wholesale, the greenback was tagged at 243,530 rials, down 0.4%. The market is a CBI-affiliated spot market operated by a network of banks and certified moneychangers dealing in wholesale currency.
However, the domestic bullion market sent mixed signals on Wednesday. The popular Emami gold coin was almost unchanged losing 0.05% to change hands at 12.26 million rials.
Half Bahar Azadi coin recorded more than 1.1% gain to reach 7.08 million rials and one gram of 18-karat gold was worth 12.23 million rials, almost 2% % lower compared to the session before.