Forex Rebounds After a 2-Day Pause

EghtesadOnline: After holding back two days, foreign exchange rates clawed back on Tuesday, paring some of the losses.

News ID: ۷۸۶۹۱۸

01 September 2021

The dollar had hit the strong support level of 270,000 rials on Monday but moved toward 272,500 on Tuesday, up 3,500 rials or 1.2% in Tehran’s open market.

The euro gained close to 0.7% or 2,160 rials to settle at 323,380 rials, the UK pound sterling fetched 376,330 rials, up 0.54% and the UAE dirham bought 74,500 rials, 0.7% or 500 rials higher compared to the previous session.

Official moneychangers affiliated to the Central Bank of Iran tagged the dollar at 261,340 rials, which was 1.13% or 3,000 rials higher than Monday.

To calm the volatility, the currency market regulator increased offers at the regulated forex market on Tuesday. According to Eqtesad News website, foreign currencies worth 8.18 million were offered in this market -- 54% higher compared to the previous session.

The American currency in the regulated market was up 1.13% or 3,030 rials to buy 266,610 rials. The market is a network of banks and certified moneychangers working under CBI supervision dealing in wholesale trade.

Gold prices also rose in tandem with in international markets.

The popular Emami gold coin gained close to 1.1% or 1.3 million rials to reach 119.95 million rials. Half Bahar Azadi coin gained more than 1% to reach 62.65 million rials and one gram of 18-karat gold was quoted at 11.63 million rials, up 0.9% compared to Monday.

In world markets gold climbed towards the previous session’s four-week high on Tuesday, supported by a weaker dollar and a fall in US Treasury yields, as investors wait for the US non-farm payroll data due later this week, Reuters reported.

Spot gold was up 0.3% at $1,815.11 per ounce after hitting its highest since Aug. 4 on Monday at $1,822.92 and the US gold futures rose 0.3% to $1,817.20.