Forex rates advanced again on Sunday in Tehran building on recent gains spurred by reports of change of guard at the Central Bank of Iran.
The dollar moved above the critical 240,000 rials after briefly crossing above the level a session earlier. The greenback added about 2% to earlier gains and closed at 244,300 rials in the open market.
It went up as high as 247,500 rials in the early hours of trade before retreating later as it was quoted lower for forward deals. According to Eghtesadnews website, in late trade dealers quoted the greenback at 241,000 rials for forward deals.
In the past 48 hours reports about the exit of the CBI governor Abdolnasser Hemmati has spurred a fresh bout of volatility in the currency market.
Other major currencies also gained on Sunday. The euro fetched 300,770 rials to gain 2.8% or 8,600 rials. One UK pound sterling was up 2.9% to reach 350,360 rials, more than 10,000 rials higher than the session earlier.
Making small gains compared to other currencies a session earlier, the UAE dirham was the biggest winner on Sunday and jumped more than 3.6% to buy 66,940 rials.
The dollar posted higher gains at exchange shops affiliated to the Central Bank of Iran. Official moneychangers pushed up the currency by 12,120 rials to 238,660 rials, 5.35% higher compared to Saturday.
Upsurge in currency prices almost always extends to the domestic bullion market. However, Sunday’s gold prices didn’t gain as much as currencies.
The popular Emami gold coin was up 0.5% or 550,000 rials at 107.5 million rials and the Half Bahar Azadi coin rose 1.3% or 800,000 rials to fetch 60.2 million rials.
The biggest gain was recorded for 18-karat gold. One gram of 18-karat gold traded for 10.98 million rials, up close 5% compared to the earlier session, the Tehran Gold and Jewelry Union website said.
