Forex Fractionally Lower

EghtesadOnline: Tehran’s currency market was calm on the first day of the week as foreign currency rates decreased but bank-affiliated moneychangers were unmoved.

News ID: ۷۵۰۷۷۶

23 August 2020

According to Eghtesad News website, the dollar was sold at 227,000 rials on Saturday, down 1.98% or 4,400 rials, compared to Thursday's close. The greenback ended last week at 231,400 rials, after gaining 1.8% on Thursday.

The euro fell 2.26% to be priced at 266,000 rials. The currency had gained 1.5% on Thursday ending the week at 272,000 rials.

One British pound fetched 299,200 rials, which was 1.47% lower than Thursday's 303,640 rials.

The UAE dirham was priced at 62,400 rials, down 800 rials and the Turkish lira lost 1.215% or 31,280 rials.

Exchange shops affiliated to banks made no change in prices. Melli Exchange, affiliated to Bank Melli Iran, tagged the dollar and euro at 225,000 rials and 226,700 rials, respectively.

Rising demand and falling supply in the secondary currency market, known as Nima, have been blamed for the forex volatility that sent the dollar as high as 260,000 rials in July. Nima is the main currency platform through which exporters sell their overseas earnings and importers buy.

Emami gold coin also declined on Saturday. After losing 2.3%, the coin was worth 105.5 million rials.