USD Remains Bullish

EghtesadOnline: The US dollar once again gained against rial in Tehran’s both open and official exchange markets on Saturday to maintain its uptrend against the Iranian currency.

News ID: ۷۷۸۹۹۲

04 September 2017

According to Tehran Gold and Jewelry Union’s website, the greenback, which is the most widely traded currency in Tehran’s foreign exchange market, changed hands for 38,820 rials and 33,246 rials in open and official markets on Saturday respectively.

The US dollar started its rally three weeks ago when its value in Tehran’s open market hovered around 38,110 rials and gained about 710 rials during the period to reach its highest value in Iran’s forex market since the beginning of the new Iranian year on March 21.

Euro, another high-demand currency in Tehran’s market, registered a 50-rial growth compared with Thursday’s close. The rial was quoted at 47,220 to the euro, Financial Tribune reported.

Other high-trade currencies in Tehran’s market, namely Turkish lira and Emirati dirham,

which traders significantly use in transactions with these countries, also witnessed growth.  Lira and dirham changed hands for 11,620 rials and 10,650 rials, respectively.

The rally in the foreign exchange market comes as the Central Bank of Iran is expected to make a move toward its longstanding pledge of floating the rial.

In line with the forex market, all kinds of gold coin have also registered significant leaps in Tehran’s market on Saturday.

Bahar Azadi, the benchmark gold coin, gained 250,000 rials or 2.07% on Saturday to change hands for 12,320,000 rials ($320). Emami gold coin was traded for 12,538,000 rials ($325.6), marking an increase of 275,000 rials or 2.24% compared to Thursday’s close.