Business And Markets

Currency, Gold Relatively Calm

Currency, Gold Relatively Calm
Currency, Gold Relatively Calm

Foreign exchange and gold prices posted meager changes Monday amid nationwide restrictions on non-essential businesses to control spread of the Covid-19 plague.
The dollar was up 0.77% to 258,000 rials in Tehran’s free market. The euro was almost flat during the day at 303,590 rials while the UK pound gained 1,660 rials to close at 341,880 rials. 
Not surprisingly, the gold market was calm due to the mass covid closures. Emami gold coin was up 1.69% and sold for 118 million rials. 
Starting Saturday the government is implementing stricter controls on less-needed businesses. Moneychangers, however, say they have no clue if they can or cannot operate. President Hassan Rouhani last week ordered an extended lockdown of cities hit hardest by the virus as daily infections and deaths set new daily records.
Market observers say the lockdown helps boost unofficial trade in gold via online platforms. The public have often been warned against fraudsters and urged by the government not to buy gold and foreign currencies online.

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