Business And Markets

Forex Rates Slightly High

Forex Rates Slightly High
Forex Rates Slightly High

Foreign exchange rates increased slightly on Wednesday with the dollar crossing the 241,000-rial threshold in Tehran's free market.
The greenback fetched 241,100 rials up 700 rials or 0.3% in the free market and the euro gained 680 rials to buy 292,230 rials, up 0.23%. The UAE dirham was quoted at 66,200 rials up 1.05%.
Melli Exchange and other bank-affiliated moneychangers quoted the dollar at 231,450 rials, 0.03% lower than the previous day's close. For the euro they demanded 277,440 rials down 0.62%.
In the regulated market, the domestic wholesale currency market, the American currency was up 0.15% and traded for 233,930 rials, according to the Persian-language economic website Eghtesadnews. The regulated market is a network of banks and certified moneychangers working under CBI supervision dealing in wholesale forex trade.
Traders and analysts expect further growths in forex rates in the coming weeks, mostly because of Friday’s presidential election and the inconclusive nuclear talks in Vienna. Currency traders told EcoIran Web TV on Wednesday that the dollar would re-embark on the ascending order on Saturday irrespective of who wins the presidential race to replace Hassan Rouhani.  
In the gold market, the popular Emami gold coin was worth 107.75 million rials, up 850,000 rials or 0.78% compared to the previous day's close. The half Bahar Azadi gold coin was down 0.52% to close at 58.2 million rials and quarter coin also lost 1.08% to buy 37.1 million rials.

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