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Currency Appreciation Stopped In Tehran Market

Currency Appreciation Stopped In Tehran MarketCurrency Appreciation Stopped In Tehran Market

The rising tide of foreign currency rates against the rial paused on Saturday after soaring to record highs last week. The slide extended to the bullion market.

A dollar was quoted 266,000 rials for the day at Tehran’s open market, down 3,000 rials, or 1%, compared with Thursday’s close.

Currencies made unprecedented gains last week when the greenback was quoted at 273,000 rials on Monday reaching an all-time high. It gained 4.9% during the week-long period.

The steep surge compelled the forex market regulator to intervene and control rates with currency infusion. The intervention, mainly through exchange bureaus affiliated to the Central Bank of Iran, has stopped the dollar from further advance, at least for now.

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