Iran: Currency and Gold Bounce Back

EghtesadOnline: Foreign exchange and gold prices in Tehran increased on Tuesday after posting declines in the past couple of days.

News ID: ۷۵۱۳۵۰

28 October 2020

The US dollar gained 1.74% and climbed to 286,000 rials after falling 3.2% on Monday and 2.59% in Sunday’s trade, according to Eghtesadnews.

The euro sold at 340,560 rials up 2.44% compared with previous day's close. The European single currency was down  3.54% on Monday.

However, rate of the Emirati dirham was unchanged in Tehran's free market and was quoted at 78,000 rials. It recorded a 2.57% drop on Monday.

Moneychangers in Tehran padded 2.49% to the British currncy on Tuesday selling it at 375,350 rials. The pound too had dropped the previous day by 3.42% to 366,000 rials.

Gold coin prices climbed as the metal is almost always influenced by forex rates. The Emami gold coin grew 1.43% or two million rials to fetch 139 million rials. It had recorded a loss of 6.57% (nine million rials) the previous day.

The increase in half Bahar Azadi coin was meager at 0.65% or half a million rials and sold for 76.5 million rials. Unlike other coins, the quarter Bahar Azadi lost 1% and fetched 51 million rials. The coin had yielded the highest returns in the first half of the current Iranian year to Sept. 22.

International markets also recorded gains in the yellow metal. According to Reuters, gold prices rose Tuesday as a weaker dollar and a fresh wave of coronavirus infections threatened to further slowdown a global economic recovery from the Covid-19 pandemic, bolstering bullion's safe-haven appeal. Spot gold reportedly was 0.1% higher at $1,903.16 per ounce.