Business And Markets

Iran: Forex, Gold Slip for 2nd Day

Iran: Forex, Gold Slip for 2nd Day Iran: Forex, Gold Slip for 2nd Day

Currency rates retreated further from historic highs on Monday as the Central Bank of Iran intensified efforts to intervene in the chaotic market. Gold saw a similar fate.
The US dollar dropped to 309,000 rials in Iran’s open market, down 2.7% or 9,000 rials, compared with Sunday’s close. 
After reaching another record high of 322,000 rials last Thursday, the greenback’s rise took a recess Sunday, bucking a rising trend that lasted for nine sessions in a row. 
The Emirati dirham, a highly influential currency in Iran’s forex market, lost 1,700 rials or 2%, to reach 86,000 rials on Monday. 
Decline in forex rates came amid intervention by the CBI that has started pumping currency in the market to try and put a brake on the historic price rises. 


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