Foreign currencies stumbled on Monday for the second straight session in Tehran’s unofficial market after a two-week rally.
The dollar was down 1.25% or 3,500 rials for the day to settle at 282,000 rials after jumping to 287,000 rials -- a record in the present fiscal year that started in March.
Observers say the nervous currency market is apparently reacting to reports about the unfreezing of Iran’s forex assets in overseas banks. Unofficial reports in the local media say $3.5 billion of the assets has been freed.
It is not clear which country freed the assets and when and no senior banking or government official has said anything about this critical matter.
The Foreign Ministry spokesman Saeed Khatibzadeh declined to comment but noted that “We are releasing frozen assets on a gradual basis and using it in the financial cycle of the country,” IBENA reported.
Other currencies also gave up gains on Monday. The euro lost 1.22% or 3,950 rials and was quoted at 322,830 rials. The UK pound sterling dipped 1.08% or 4,130 rials to buy 379,600 rials while the UAE dirham was tagged at 77,200 rials, losing 0.77%.
Likewise, prices also declined in exchange bureaus affiliated to the Central Bank of Iran where the dollar was worth 264,450 rials in the Melli Exchange down 1.22%, or 3,220 rials, compared with the session before.
As expected, the forex downturn extended to the domestic bullion market. The popular Emami gold coin lost 0.7% or 850,000 rials on Monday to close at 124.95 million rials.
The Half Bahar Azadi coin dropped 1.24% to trade at 80 million rials and one gram of 18-karat gold was worth 12.6 million rials, down 0.8% or 99,000 rials.
