US Dollar Gains in Tehran’s Open, Official Markets

EghtesadOnline: The US dollar, the most widely traded currency in Tehran’s foreign exchange market, once again gained against rial in both the open and official markets on Tuesday to maintain its uptrend against the Iranian currency.

News ID: ۷۸۰۰۶۵

25 October 2017

The greenback was traded for 40,220 rials in Tehran’s open market to register a growth of 40 rials compared to Monday’s close. This is while the Central Bank of Iran, the body in charge of determining the official rates of foreign currencies, set the official rate of USD at 34,363 rials, indicating a 22-rial growth.

According to Tehran Gold and Jewelry Union’s website, euro, another high-demand currency in Tehran’s market, also registered a 190-rial increase compared with the previous day’s close. The rial was quoted at 48,130 to the euro on Tuesday.

However, other high-demand currencies in Tehran’s market, namely Turkish lira and Emirati dirham, did not follow the trend affecting the greenback and euro. The value of Emirati dirham remained unchanged at 11,140 rials on Tuesday while the Turkish lira marked a 10-rial decline to also change hands for 11,140 rials, according to Financial Tribune.

This is while the prices of all types of gold coin registered notable gains. Bahar Azadi, the benchmark gold coin traded for 12,670,000 rials ($316.75) in Tehran on Tuesday to mark an increase of 50,000 rials compared to Monday’s close.

The other benchmark gold coin, Emami, witnessed a growth of 30,000 rials to change hands for 13,087,000 rials ($327.2). Half and Quarter gold coins also registered respective gains of 10,000 rials and 15,000 rials compared to their previous day’s close. The former was sold for 6,560,000 rials ($164) while the latter traded for 3,682,000 rials ($92.05).