After posting a slight increase a session earlier, foreign exchange rates advanced on Thursday with the dollar strengthening above 240,000 rials.
The greenback surged close to 1% or 2,300 rials to fetch 243,500 rials on Thursday in Tehran’s free market but the euro gave up 0.85% and was quoted at 289,780 rials, according to Eqtesad News website.
Eqtesad News said rise in the UAE dirham had triggered increase in the major currencies. The dirham was up 1.2% or 800 rials to reach 67,000 rials on Thursday.
However, the dollar did not move significantly in the official exchange shops affiliated to the Central Bank of Iran nor in the regulated market, the domestic wholesale currency market.
It increased 0.06% at the Melli Exchange to buy 231,590 rials. Likewise, the American currency was worth 233,930 rials in the regulated forex market.
Iran’s regulated forex market is a network of banks and certified moneychangers working under CBI supervision dealing in wholesale forex trade.
The domestic bullion market defied currency market trends Thursday and was influenced largely by the international gold market.
Emami gold coin declined more than 0.4% to be traded at 107.3 million rials and a gram of 18-karat gold was worth 10.65 million rials, down 1.46%.
Gold shed more than 2% on Thursday in world markets, precipitating a sell-off across precious metals as the dollar gained ground after the US Federal Reserve struck a hawkish tone on monetary strategy, Reuters reported.
Gold prices rose on Friday but were set for their worst week since March 2020 after. Spot gold climbed 0.5% to $1,782.80 per ounce but was down 5% for the week.
