Forex and gold prices climbed on Wednesday extending the upward trajectory that started on Saturday.
The dollar closed slightly above 283,000 rials in Tehran’s open market, notching up 0.8%. It was 2,300 rials higher on the day before.
Compared to the end of last week, the American currency has gained about 2.4% rising from 276,000 rials.
The euro was up 0.4% or 1,490 rials to fetch 356,720 rials. The UK pound sterling sold for 382,850 rials, indicating more than 0.9% rise while the UAE dirham added 0.9% to be traded at 77,210 rials, the Tehran Gold and Jewelry Union website said.
Prices at official exchange bureaus affiliated to the Central Bank of Iran logged bigger gains as the currency market regulator tried to bridge the gap with the open market.
Melli Exchange, affiliated to the state-owned Bank Melli Iran, increased the dollar rate by 7,200 rials or 2.66% and quoted it for 270,410 rials.
The greenback rose slightly in the wholesale market, known as the regulated forex market. Moneychangers in this market demanded 273,170 rials for the dollar, up 0.33% compared with a session before.
The regulated market is a spot market operated by a network of banks and certified moneychangers dealing in wholesale currency.
Impacted by the higher currency rates gold also climbed on Wednesday, but gains were capped by a downswing in international bullion markets.
The Emami gold coin gained 0.4% or 550,000 rials and changed hands at 122.75 million rials. Half Bahar Azadi coin was worth 63 million rials, up 0.8% daily. One gram 18-karat gold soared remarkably adding 2.8% to buy 12.49 million rials, according to the TGJU website.
In global markets gold fell Wednesday as the dollar firmed and yields rose ahead of US inflation data that could help investors gauge the path of the fed’s monetary policy, Reuters reported.
Spot gold fell 0.4% to $1,823.84 per ounce and US gold futures for December delivery fell 0.33% to $1,824.70 per ounce.
