Business And Markets
0

Forex Rates and Gold Back to Record Highs

Forex Rates and Gold Back to Record Highs
Forex Rates and Gold Back to Record Highs

After a brief lull, currency rates again rallied against the rial on Sunday. The dollar was quoted at 273,000 rials in Tehran’s open market, up 7,000 rials, or 2%.
Keeping pace with the upsurge, licensed exchange bureaus affiliated to the Central Bank of Iran pushed up prices to avoid arbitrage. 
A dollar was quoted at 273,000 rials at Melli Exchange, affiliated to Bank Melli Iran, up about 7,500 rials, or 3% compared to the previous session’s close, according to the Tehran Gold and Jewelry Union website.    
When price difference in the open market and the CBI exchanges widens, the so-called bank-based moneychangers, tend to first push up currency rates to bridge the gap and then try to control the market with lower rates.  

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com