Business And Markets

Iran: Relative Calm in Forex Market

Iran: Relative Calm in Forex MarketIran: Relative Calm in Forex Market

Iran’s forex market seems to be relatively calm following bouts of anxiety before and after the Nov. 3 US presidential election.   
The dollar surged 1% or 4,000 rials to 275,000 rials in the early hours of trade on Saturday before retreating to 269,000 rials, closing the session 0.7% lower. 
It was also down 0.36% at the official exchange bureaus affiliated to the Central Bank of Iran. Melli Exchange quoted the greenback at 267,550 rials.  
In the past week the dollar was of the declining order after making historic gains in the past several months. It fetched 320,000 rials in mid-October after a deep crunch hit the chaotic forex market as oil and non-oil export revenues dwindled as never before. 


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