Dollar Loses 2.3 Percent

EghtesadOnline: Currency and gold prices fell again in Tehran on Tuesday. The dollar lost 2.32% or 6,000 rials to reach 252,000 rials on Tuesday in the free market.

News ID: ۷۵۱۵۷۰

25 November 2020

Bank-affiliated moneychangers priced the greenback at 250,000 rials, down 2% compared to Monday's close.  The dollar declined to 246,000 rials in the morning but climbed above 250,000 rials later in the day.

It was traded at 244,600 rials at the regulated forex market down 1.96%. The regulated market is a network of banks and certified moneychangers under CBI auspices and deals in wholesale trade.

Currency of the European Union, euro, posted 4% or 11,780 rials decline in the free market, being quoted at 295,180 rials. The UAE dirham lost 2.88 to be priced at 69,500 rials, Eghtesadnews reported. British pound also lost 3.9% to fetch 332,110 rials.

The Emami gold coin lost 5.36% on Tuesday and was traded at 112 million rials. Half Bahar Azadi was worth 62 million rials, positing no significant change compared to Monday's close.  The quarter Bahar Azadi gold coin, however, gained 500,000 rials to 42.5 million rials.

The government has set the rate of the dollar in the 2020-21 draft budget at 115,000 rials which is significantly lower than present market rates. This report plus outgoing US president, Donald Trump’s, decision to allow the transition process of president-elect Joe Biden to begin are considered as key factors that affected the Ian’s currency market on Tuesday.

Moreover, as of Saturday the government is implementing stricter controls on less-needed businesses. Moneychangers, however, say they have no clue if they can or cannot operate.

President Hassan Rouhani last week ordered an extended lockdown of cities hit hard by the virus as daily infections and deaths set new daily records.