Forex Trading Mixed
EghtesadOnline: Tehran's currency market was almost stable Monday as foreign exchange rates were unchanged. The dollar traded for 245,000 rials in the free market, posting 1,000 rials or 0.41% decline compared to Sunday's close. The currency appreciated 2.85% on Sunday but dropped 2.38% Saturday.
Bank affiliated exchange shops demanded 242,530 rials for the greenback -- 1.74% lower than the previous day. The dollar was lower in the CBI's regulated market. A dollar was quoted at 239,430 rials down 0.3% compared to previous working day.
The euro gained 220 rials or 0.07% and bought 298,490 rials. It had declined more than 2% on Saturday and Sunday.
Melli Exchange, affiliated to Bank Melli Iran, quoted the currency at 290,360 rials down 1.37% compared to Sunday's close. The Emirati dirham lost 300 rials or 0.45% on Monday and sold for 68,100 rials.
Market analysts say so long as the dirham remains south of 70,000 rials the dollar will not witness a big jump. Meanwhile, the Turkish lira was the only major currency posting considerable decline on Monday. It lost 2.87% and was quoted at 34,800 rials.
The currency downswing extended to the domestic bullion market. The Emami Gold Coin lost a further 1.83% or 2 million rials during the day to be traded at 109.5 million rials.
Half Bahar Azadi gold coin and the quarter Bahar Azadi gold coin were stagnant at 62 million rials and 40 million rials, respectively.