Business And Markets

Rial Up as Forex, Gold Lose Allure

Rail Up as Forex, Gold Lose Allure
Rail Up as Forex, Gold Lose Allure

Forex and gold prices plunged in Tehran in the past three days amid optimism about a stronger rial in the coming weeks. The dollar plunged to five-month lows on Saturday fetching 229,000 rials – down 4.5% in one day. The greenback posted 7.5% decline compared to Wednesday's close when it bought 245,000 rials. 
Other major currencies also posted big losses. The UAE dirham was quoted at 65,550 rials on Saturday down 2.6% compared to  a session earlier.   
The euro and the UK pound sterling declined 2% and 1.9%, respectively and were quoted at 283,130 rials and 318,450 rials, according to the Persian-language economic website eghtesadnews. 


Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment