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Iran: Dollar Rally Pauses

Iran: Dollar Rally Pauses Iran: Dollar Rally Pauses

Building on the past week gains, the US dollar temporarily moved above 290,000 rials at the start of the trading week in Tehran on Saturday but failed to advance further after intervention by the Central Bank of Iran.

It jumped to 292,000 rials in early hours of the day before retreating to 288,000 rials to be almost on par with rates quoted a session earlier.

The euro closed at 234,000 rials, down from 237,000 rials in early hours. The UK pound sterling fetched 366,000 rials and one UAE dirham was quoted at 78,500 rials.

In a weeklong rally the American currency gained 6.7% rising from 267,000 rials. The late-hour retreat was apparently due to CBI’s infusion of foreign currency, mainly the UAE dirham.

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