The US dollar declined by 1.45% on Tuesday in Tehran ands was worth 119,990 rials. On Saturday the greenback had climbed above the psychological level of 120,000 rials in Tehran’s open market, marking 2.5% growth compared to 116,500 rials quoted on Thursday, and 5% higher compared to last week’s prices.
Euro was traded at 125,940 rials, up 400 rials (or 0.32%) compared to the previous day's close, according to Tehran Gold and Jewelry Union's website.
The higher rates last week also widened the gap between rates in the open market and average rates quoted in the secondary forex market.
Website of the central bank said the average price of a euro traded in the secondary market reached 119,620 rials.The greenback was sold for 108,339 rials in the same market.
Speaking to ILNA, Saied Mojtahedi, former head of the Association of Bureaux de Change Operators, said that the market was back in stability mode on Tuesday morning.
"Heavy snow, sudden increase in gasoline prices and lack of access to the internet resulted in a slow-down in currency trades in the past few days, but the market is now getting more balanced," he said.
Lowering External Impact
He praised the role of the Central Bank of Iran in stabilizing the currency market, saying the regulator had managed to lower the external impact on foreign exchange rates.
"The CBI has warned the public against hasty and irrational investment in currencies…people should consider putting their money into alternative markets," Mojtahedi was quoted as saying.
In response to the government’s controversial decision to ration fuel, the forex market saw rates jump to three-month highs.
The National Iranian Oil Products Distribution Company (NIOPDC) said late Thursday that gasoline had been rationed and prices raised between 50% to 200%.
Following the drop in currency rates, gold coins prices also fell on Tuesday. According to TGJU, Emami gold coin price decreased by 1.4% to reach 41.57 million rials. With a 200,000-rial drop, the Bahar Azadi gold coin was sold for 41.35 million rials.
A quarter gold coin was tagged at 13.62 million rials, down by 2.2% compared to the previous day's close.
