Business And Markets

Forex Back on Fast Track in Iran

Forex Back on Fast Track Forex Back on Fast Track

Foreign exchange rates in Iran’s free market climbed again on Monday after a lull in the past two sessions as the US dollar clawed back losses in previous trade. 
The greenback surged to 293,000 rials in the unofficial market, more than 1,000 rials higher than Sunday’s trade to post 3.5% growth. It had lost more than 12,000 rials on Sunday and was sold at 284,000 rials after reaching an all-time high of 300,000 rials last week. 
The euro was up by 8,960 rials and bought 340,000 rials or up 2.6% compared to Sunday while the UK pound sterling rose 2.5% to be quoted at 375,000 rials. 

The UAE dirham, whose price is influential in determining currency rates in Tehran, bounced back above 80,000-rial level and was changed at 81,000 rials.   
In the early hours of Sunday trade, the Emirati currency had retreated below the critical 80,000-rial sending a signal to other foreign currencies.  
Spike in rates in the unofficial market again widened the gap with those quoted by exchange bureaus affiliated to the Central Bank of Iran. 


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