Forex Slips, Holds Back Gold

After briefly touching 260,000 rials a session earlier, the dollar retreated Sunday dropping more than 1.4% or 3,600 rials to change hands at 256,200 rials in the open market.

The greenback gained more than 4% in the past ten days since the beginning of the current calendar month on July 21. The euro gave up 0.32% or 950 rials to stand at 304,260 rials.

Likewise, the UAE dirham was down 0.6% or 4,100 rials to buy 6,957 rials while the UK pound sterling gained 0.31% to reach 358,780 rials, according to Eqtesad News website.

Rates in the official moneychangers affiliated to the Central Bank of Iran were down on Sunday. The greenback dropped to 251,386 rials at Melli Exchange, the state-run bureau affiliated to the Bank Melli Iran. The currency posted close to 0.7% decline compared to the earlier session.

Prices were of the descending order in the regulated currency market where the dollar in the wholesale currency market fell 1.67% or 4,150 rials and was quoted at 252,400 rials.

The regulated forex market is a network of banks and certified moneychangers working under CBI supervision dealing in wholesale forex trade.

Prices in the domestic gold market experienced sharper decline following the downswing in the currency market and the weekend closure of international markets.

The commonly traded Emami gold coin dropped 2.5% to fetch 112.4 million rials, 2.8 million rials lower on Saturday. Half Bahar Azadi coin lost 2.2% to reach 58.5 million rials and one gram of 18-karat gold was worth 10.96 million rials, down 1.3% or 140,000 rials, according to Tehran Gold and Jewelry Union website.