Business And Markets

Forex Fall Continues in Tehran Market

Forex Fall Continues
Forex Fall Continues

Foreign exchange rates fell again on Thursday in Tehran amid optimism among traders over the outcome of the ongoing talks between Iran and world powers in Vienna to restore the landmark 2015 Iran nuclear deal. 
The dollar lost close to 2.69% compared with the previous day in the open market and was sold for 285,500 rials. 
Official exchange bureaus affiliated to the Central Bank of Iran, tagged the greenback at 269,900 rials, down 4,050 rials on Wednesday's close.
Other major currencies also had a similar fate. The euro lost more than 2.38% to buy 323,300 rials while the UAE dirham dropped 900 rials to be traded at 78,600 rials.
Market observers say the forex market is closely monitoring the complex nuclear negotiations. Latest updates from Vienna have gradually raised optimism that a final agreement is near.
The eighth round of talks resumed on Monday after adding some new Iranian demands to a working text.
Diplomats from all sides have indicated that they are hoping for a long-awaited breakthrough by the end of January or early February, but sharp differences remain with the toughest issues still unresolved.
The arrival of South Korea's Vice Foreign Minister Choi Jong-kun in Vienna was seen as a positive sign, as it could result in the release of an estimated $7 billion of Iran's forex assets locked by Seoul.
According to Eghtesadnews website, the dollar lost 5,500 rials soon after a meeting between Iranian and South Korean diplomats in Vienna. 
Under the impact of the declining forex rates, gold prices also fell. The Emami gold coin lost 0.23% to be traded at 128.7 million rials. The widely traded coin has lost 1.85% in seven days. 
The Half Bahar Azadi coin was worth 67 million rials, posting 2.6% decline in one week.

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