Business And Markets

Forex Rates High and Rising

CBI Unable to Put the Brakes on Forex RatesCBI Unable to Put the Brakes on Forex Rates

After touching 280,000 rials on Wednesday, the US dollar again extended gains against the rial on Thursday. It sold for 286,500 rials in Tehran’s open market, rising 6,000 rials, or 2%, compared to the previous session’s close. 
The euro jumped more than 1.5% to 333,000 rials and the UK pound sterling soared to 363,000 rials, up from 358,000 rials a session earlier. 
Moneychangers affiliated to the Central Bank of Iran desisted from raising prices and draw rates closer to the open market. The dollar fetched 277,970 rials in these bureaus, almost unchanged compared to Wednesday, according to the Tehran Gold and Jewelry Union website. 


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