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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.  

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