Forex Down, Gold Sends Mixed Signals

EghtesadOnline: After a brief rally in the session before, foreign exchange rates retreated on Wednesday in Tehran’s unofficial market.

News ID: ۷۸۷۷۵۸

13 March 2022

The dollar went as high as 263,500 rials on Tuesday before giving up more than 2.2% or 6,000 rials on Wednesday to finish at 257,000 rials.

Other currencies also saw big losses. The euro slipped more than 1.4% or 3,900 rials to buy 282,120 rials and the UAE dirham lost more than 2.4% to close at 69,900 rials. The UK pound sterling was quoted at 341,500 rials, down 0.86% or 2,970 rials on the session before.

Prices slipped also in the official exchange bureaus operated by the Central Bank of Iran. The Melli Exchange, affiliated to the state-owned Bank Melli, tagged the dollar at 245,470 rials, about 0.54% higher over Tuesday.

In the regulated market, where currency is traded wholesale, the greenback was tagged at 243,530 rials, down 0.4%. The market is a CBI-affiliated spot market operated by a network of banks and certified moneychangers dealing in wholesale currency.

However, the domestic bullion market sent mixed signals on Wednesday. The popular Emami gold coin was almost unchanged losing 0.05% to change hands at 12.26 million rials.

Half Bahar Azadi coin recorded more than 1.1% gain to reach 7.08 million rials and one gram of 18-karat gold was worth 12.23 million rials, almost 2% % lower compared to the session before.