Tehran Forex Market Experiencing Steady Days

EghtesadOnline: After the recent rally that considerably pushed up the value of most highly-traded currencies, Tehran’s foreign exchange market is currently experiencing steady days.

News ID: ۷۷۹۸۳۲

23 October 2017

According to Tehran Gold and Jewelry Union’s website, the rial was quoted at 40,170 to the dollar on Thursday before the market’s close on Friday, marking a drop of 40 rials compared to the previous day.

The Central Bank of Iran, the body responsible for determining the official rate of foreign currencies, put the greenback’s value at 34,299 rials that is 26 rials higher than its previous day.

This is while euro, the other popular currency in Tehran’s market, also lost against the rial on Thursday. The European currency changed hands for 47,910 rials to register a drop of 70 rials compared to Wednesday’s close, according to Financial Tribune.

Other high-trade currencies in Tehran’s market are Turkish lira and Emirati dirham, which Iranian traders use significantly in transactions with these countries. The Emirati dirham remained unchanged at 11,210 rials while the Turkish lira lost 20 rials of its value and exchanged for 11,220 rials in Tehran’s open forex market on Thursday.

On October 19, Bahar Azadi, the benchmark gold coin, changed hands for 12,690,000 rials ($317.25), down by 10,000 rials compared to its previous day’s price while the other benchmark gold coin, Emami, gained 20,000 rials and was traded for 13,100,000 ($327.5).

CBI Governor Valiollah Seif had last week sought to reassure people that recent fluctuations have been a result of seasonal demand and external factors, saying CBI conducts its foreign exchange activities with a special eye toward long-term stability.