Forex and gold prices moved downwards on Saturday defying the negative climate arising from political developments in the United States and the region following the electoral defeat of Donald Trump.
Vacillating below 260,000 rials for more than a month, the dollar lost 0.8% to reach 255,500 rials in Tehran's open market.
The greenback was also slightly down in official exchange shops affiliated to banks. Melli exchange, affiliated to the Bank Mell Iran, tagged the dollar at 256,170 rials, down 0.33% compared to a session earlier.
Likewise, the euro lost 1,220 rials to reach 314,390 rials, down 0.39% and the UK pound sterling fetched 346,400 rials, 0.39% lower compared to Thursday. The UAE dirham was also down 0.3%, losing 200 rials to fetch 71,200 rials.
Impacted by the decline in forex rates, as is the norm in Iran, the bullion market also fell. Emami gold coin lost 0.43% or 500,000 rials on Saturday to reach 117 million rials.
As with forex rates, the coin was largely stable in the past two months after bouts of sharp volatility. Plunging more than 25%, the coin was the worst-performing asset during the month from Oct. 15 to Nov. 15, marking the day the coin reached the record high of 163 million rials. The Persian-language economic newspaper Donya-e-Eqtesad said the Emami coin extended losses by 2% in the previous week.
Half Bahar Azadi coin was down by 400,000 rials to reach 62 million rials -- a 0.65% daily decline. One gram of 18-karat gold was worth 11.45 million rials down 0.8%, the Tehran Gold and Jewelry Union reported.
Impacted by the US presidential elections, the precious metal along with forex rates went into a tailspin since early November as prospects of a strengthened rial and anticipated change in the White House weakened sentiments.
What has added to the uncertainty is the optimisms arising from the possibility that the Expediency Council, the top body in charge of settling legislation disputes in Iran, may approve the two remaining bills mandated by the Financial Action Task Force, the global anti-money laundering watchdog.
Debate over the Palermo (convention against transnational organized crime) and terrorist financing conventions (CFT) bills is now underway as requested by the Rouhani administration.
