The US dollar gained 1.6% or 4,700 rials and was traded at 290,030 rials in Tehran’s open market on Wednesday, the highest since March.
Bank-affiliated moneychangers sold demanded 271,540 rials for the greenback -- nearly 3% higher than Tuesday’s close, the Persian-language Eghtesadnews reported.
The dollar climbed by a solid 4.21% in the regulated forex market that operates under the auspices of the Central Bank of Iran and deals wholesale.
The euro also was higher at 325,510 rials -- 1.3% higher than the previous day's close and the Emirati dirham was traded at 80,080 rials up 2.47%.
Due to close trade ties to Iran, Dubai traditionally has functioned as a hub for forex transactions with Iran. Fluctuations in dirham rates usually affect all other major currencies in Tehran and most cities. It is said that the dirham exchange rate to the rial in Dubai determines the dollar rate for the next trading day in Iran.
Market observers in Tehran see politics as one key factor behind the rise in currency prices in recent days, especially the visit of the director general of the International Atomic Energy Agency, Rafael Grossi, to Tehran, the internet TV EcoIran reported Wednesday. The visit, dubbed as important by international security and political analysts, apparently did not produce the results desired by the UN agency.
Following in the forex footsteps and gold prices in international markets, gold coins in the domestic market also shot up on Wednesday.
The Emami gold coin gained 1.53%, or 1.95 million rials, to reach 126.8 million rials and Half Bahar Azadi coin sold for 64.5 million rials -- 0.77% higher on the day before.
