Exchange shops affiliated to banks priced foreign currencies considerably lower on Sunday but free market rates were slightly higher.
Melli Exchange of Bank Melli Iran sold the dollar at 264,124 rials, nearly 3% lower than Saturday and the euro at 307,030 rials, down 1.8%
Rates in the free market, however, grew slightly under the influence of the long-delayed Iran nuclear talks that open in Vienna today.
The important session in the Austrian capital follows the election of President Ebrahim Raisi in summer, which was followed by a pause in the talks.
According to Eghtesadnews, the dollar was sold at 291,600 rials in the free market, 0.51% higher than the previous day.
The euro was 0.51% higher to buy 330,200 rials while the Emirati dirham registered 0.5% increase to finish Sunday trade at 79,900 rials.
Forex rates have jumped to new highs following the visit of the director general of the International Atomic Energy Agency, Rafael Grossi, to Tehran last week.
The visit, dubbed as important by security and political analysts, apparently did not produce anything of substance desired by the two sides.
CBI Role
The cut in Melli Exchange rates also came after the Central Bank of Iran on Saturday said moneychangers will not sell currency to people with unspecified needs– in a fresh move to calm the volatile currency market.
Before this move, each Iranian was allowed to buy €2,000 ($2,200 or equivalent) from authorized moneychangers in one year at slightly lower rates compared to the open market.
Local media outlets reported a sharp decline in supply at the regulated forex market. This is a spot market operated by a network of banks and certified moneychangers dealing in wholesale currency and supervised by the CBI.
According to EcoIran internet TV, the total daily dollar and euro trade in the regulated market declined 3.6% and 1.2%, respectively on Sunday.
Each dollar was sold at 260,620 rials in the regulated market, down 1.6% compared to the day before while the euro closed at 305,580 rials.
The decline in supply was contrary to traders' expectation because they were anticipating further injection of foreign currency in the market on the eve of the Vienna talks.
Gold Coins
Unlike forex, gold coin prices were almost dormant. Emami gold coin was tagged at 125.9 million rials, a 0.07% higher on Saturday’s close.
Half Bahar Azadi was worth 64.9 million rials down 0.16% compared with Sunda and the Quarter Bahar Azadi lost 0.14% to buy 37.95 million rials.
