Dollar Surges 3.3% in Tehran

Currency and gold prices posted significant gains on Wednesday in Tehran after two days of decline. The dollar was quoted at 237,000 rials in the free market, 3.29% higher than the previous day's close, Eghtesadnews reported. 
It lost 2.97% the previous day from 236,000 to 229,200 rials. 
Each dollar was traded at 223,430 rials in Central Bank of Iran regulated market, up 0.92% compared with the previous day. The regulated market is a network of banks and certified moneychangers under CBI auspices and deals in wholesale currency.
The euro also shot up 3.52% or 10,190 rials during the day, closing Wednesday trade at 288,940 rials. The European currency had declined 2.76% on Tuesday. 
Exchange shops affiliated to banks, sold the dollar and euro at 234,100 rials and 284,000 rials, respectively. The UK currency posted 4.12% growth Wednesday -- from 314,140 rials a day earlier to 327,670 rials on Wednesday. 
Similarly the Emirati dirham fetched 67,700 rials or up 4.43% compared to Tuesday. The jump in foreign currency rates came after Foreign Minister Mohammad Javad Zarif said Iran would boost uranium enrichment if the new United States administration fails to lift the economic sanctions by February 21. 
Gold coin prices also rose on Wednesday. The popular Emami coin was up 2.35% or 2.5 million rials to buy 106 million rials. It had lost 3.87% in Tuesday trade. 
Half Bahar Azadi gold coin also registered 2.5% increase and was quoted at 60 million rials. The quarter Bahar Azadi coin also increased by 500,000 rials and was offered at 23 million rials.  
Gold coin prices in Iran are impacted more by foreign exchange rates and less by gold prices in international markets. Consequently, any increase in currency rates in the coming days would apparently give an extra gloss to the yellow metal.