The US dollar rally resumed Sunday against the national currency after retreating 17% from the record high of 320,000 rials reached two weeks ago.
The greenback advanced during the session closing at 280,000 rials in Tehran’s open market, rising more than 10,000 rials, or 3.7%, compared with a session earlier.
The greenback lost almost 10% over the past week in light of the Central Bank of Iran’s measures to control rates, mainly injection of currency in the market. The CBI said it sold an average $70 million a day last week.
Other major currencies, namely euro, pound and UAE dirham rose on the day. The Emirati dirham soared to 7,700 rials, up more than 3% compared to the previous session’s close.
One euro bought 326,900 rials and the UK pound 361,900 rials in the unofficial market – up 3% and 2.7%, respectively.
Soon after the upsurge in the unofficial market, exchange bureaus affiliated to the Central Bank of Iran increased the rates to lessen the difference with open market rates.
Melli Exchange, affiliated with the Bank Melli Iran, quoted 272,000 for the dollar, up 3,320 rials or 1.24%, compared with Saturday’s close.
Gold prices also surged. The Emami gold coin gained 3% or 4 million rials on Sunday to reach 132 million rials.
Half Bahar Azadi increased by 2 million rials to 72 million rials, posting a 2% daily growth. The highest daily growth was of 18-karat gold. One gram of 18-karat gold fetched 12.28 million rials, up 4.6%.
