USD at 37,800 Rials in Tehran Market

EghtesadOnline: The rial was 37,800 to the dollar on Saturday, marking a 0.08% gain against the US currency compared with the previous day’s close, according to Tehran Gold and Jewelry Union's website.

News ID: ۷۷۴۱۸۷

26 February 2017

The dollar exchange rate has been relatively stable in recent days.

The currency has been exchanged for under 38,000 rials in the past week, following successive gains for the rial in the past two months after it had weakened to 41,500 rials per dollar in late December.

The Central Bank of Iran fixed the official exchange rate at 32,405 rials, 4 rials higher than on Thursday, the Persian economic daily Donya-e-Eqtesad reported.

The significant drop in demand and the decline in the Emirati dirham’s remittance rate helped lower the rate in recent days, according to Financial Tribune.

Emirati dirham was exchanged for 10,360 rials on Saturday, marking a 1.56% drop compared with its average rate in the past 15 days.

The Central Bank of Iran’s recent decision to restrict moneychangers’ operations in the forex market could also have influenced market stability.

Earlier in January, First Vice President Es’haq Jahangiri required the central bank to take measures for regulating the operation of bureaux de change operators by the end of the current Iranian year on March 20.

CBI is determined to revive the role of banks in the forex market, which was halted by exchange shops during the sanctions.

Euro was exchanged for 40,610 rials on Saturday, down 0.54% compared with the previous day’s close. British pound experienced a 0.04% growth, being traded at 48,200 rials.

Turkish lira was traded at 10,840 rials, down 1.01% compared with Thursday’s close.

Bahar Azadi Gold Coin was sold at 11,810,000 rials on Saturday, up 90,000 rials. Half Bahar coins were sold at 6,770,000 rials, marking a 2.73% growth compared with Thursday’s price.

The Quarter Bahar coins also experienced a 3.8% growth in price and were traded at 3,810,000 rials.