Business And Markets

Currency and Gold Deflating

Currency and Gold Deflating  Currency and Gold Deflating

Foreign exchange and gold prices were sluggish in the preceding Iranian week and like other markets stepped back due to the new round of lockdown to curb the spread of the coronavirus. 
The US dollar fetched 247,000 rials on Thursday, posting 1.7% decline daily and more than 5% lower compared to prices quoted the same day last week. The euro retreated to 294,000 rials down almost 1% daily. UK’s pound sterling was quoted at 330,000 rials while the UAE dirham fell 1.5% to trade at 68,500 rials.
Since early this month the dollar has lost more than 13% apparently due to the outcome of the highly contested US presidential elections. It started to lose value after a wave of panic selling broke out in Iran's chaotic currency market after it became almost certain that the Democratic challenger Joe Biden was the victor and the underdog Donald Trump had lost his job. 


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