EghtesadOnline: Currency rates surged in the open market in Iran following more than two weeks of bear market after demand for foreign currency rose amid expectations that the plunging forex rates had hit the bottom.
EghtesasOnline: Currency rates continued on the downward path in Tehran on Sunday as the Central Bank of Iran mobilizes its resources to plug the gap between rates in the open market and secondary market.
EghtesadOnline: The foreign exchange rate in Integrated Forex Deals System (Persian acronym for Nima) has been hiked in recent months to come closer to the rates quoted on the Sana website that reports the average exchange rates from the exchange bureaus, according to a report by the Department of Economic Reviews of Tehran Chamber of Commerce, Industries, Mines and Agriculture.
EghtesadOnline: Currency rates have been rising in Iran’s open market amid the negative psychological climate created by the ongoing political developments and investors’ uncertainty about what the future holds.
EghtesadOnline: With last week's brief volatility behind, the currency market in Tehran experienced more stability on Saturday. The US dollar, which had surged above the resistance level of 140,000 rials last week, was traded for 137,000 rials in the open market.
EghtesadOnline: The currency market in Tehran stabilized further on Sunday with the USD exchange rate dropping below the support level of 140,000 rials. The greenback was traded for 138,000 rials on the open market to post the fourth straight decline. The Euro changed hands for 160,000 rials -- down from 162,400 at the outset of trade.
EghtesadOnline: The currency market was hit with a new bout of volatility on Wednesday with the US dollar crossing another threshold on the open market. According to the Tehran Gold and Jewelry Union website, the dollar was trading at around 183,470 rials late afternoon, from around 168,000 rials the day before.
EghtesadOnline: The Central Bank of Iran released a statement assuring the public and businesses that the recent price surge in the open market is bound to abate, as CBI seeks to deepen the market with more supply.