Dollar Climbs 1.5%
EghtesadOnline: Forex rates saw big swings in the past two sessions in the unofficial currency market in Tehran with prices moving up on Sunday.
The dollar jumped more than 1.5% to be traded at 263,500 rials in the free market. It had retreated below the critical 260,000 rial-level on Saturday apparently due to geopolitical developments.
The euro rose more than 0.4% to buy 287,370 rials and the UAE dirham gained 1.1% or 800 rials to close at 71,600 rials. However, the UK pound sterling paused and bought 340,700 rials, down 0.46% or 1,570 rials compared with the session before.
Abreast of the trend in the unofficial market, currency prices rose in exchange bureaus operated by the Central Bank of Iran. The Melli Exchange, affiliated to the state-owned Bank Melli, tagged the greenback at 247,470 rials -- 0.7% higher on Saturday.
In the regulated market, where currencies are traded wholesale, the dollar was quoted at 246,450 rials, up 0.7%. The market is a CBI-affiliated spot market operated by a network of banks and certified moneychangers dealing in wholesale currency.
Prices in the domestic bullion market on Sunday increased in tandem with forex rates. The popular Emami gold coin gained 0.8% to change hands at 125 million rials. Half Bahar Azadi coin was up 1.93% to reach 72.2 million rials.