Foreign exchange rates in Tehran dropped sharply on Saturday and pulled down the gold market.
Struggling near 230,000 rials in early trade, the dollar lost the psychological level and closed at 227,930 rials in the free market, losing more than 2.2% or 5,100 rials.
The last time the greenback was traded at this price was in late December, according to the Persian-language economic website Eghtesad News.
Except for a brief volatility in the early weeks of the current fiscal year, forex rates have mostly been of the descending order. The American currency has recorded losses for two consecutive weeks. It lost 1.7% in the previous trading week after plunging 4.1% a week earlier.
The euro and pound sterling experienced the biggest slump and fell close to 3.7%. The euro sold 10,180 rials lower and was quoted at 276,350 rials in the open market. The UK pound was down 11,770 rials to fetch 317,670 rials. The UAE dirham was down 2.37% and bought 63,300 rials.
The greenback was worth 229,120 rials in authorized exchange shops affiliated to Central Bank of Iran, posting a 1.4% decline compared to the session earlier.
In the wholesale currency market, known as regulated forex market, the dollar was down 1.54% or 3,500 rials to reach 226,800 rials. The regulated market is a network of banks and certified moneychangers working under CBI supervision who deal in wholesale forex trade.
Downswing in the critical currency market soon extended to the domestic bullion market already distressed by low demand due to Covid closures and declining trends in international markets.
Influenced mostly by forex trends, the Emami gold coin was worth 97.8 million rials down 1.6 million rials or 1.64% compared to a session earlier.
Half Bahar Azadi gold coin was down 2.84% to close at 53 million rials. One gram of 18-karat gold was worth 9.72 million rials down 1.5%, the Tehran Gold and Jewelry Union website reported.
