Business And Markets

Rial Picks Up as Forex, Gold Dip

Rial Picks Up as Forex, Gold Dip
Rial Picks Up as Forex, Gold Dip

After a string of losses in the beginning of the week, foreign exchange rates dipped further on Tuesday as talks over reviving the Iran nuclear deal resumed.  Gold also fell.
The US dollar traded at 263,500 rials in Tehran’s free market 3,500 rials or 1.3% down compared with the session before. 
It took a hit on Saturday, losing more than 3.6% against the rial to trade as low as 265,000 rials, almost 10,000 rials lower. The currency rose to 268,000 rials during the week before. 
The new downward spiral comes in the run-up to the new round of nuclear talks in the Austrian capital on Tuesday. There is a cautious optimism that the complex and extended negotiations may produce a deal that would remove the US unilateral banking and financial sanctions on Iran and prop up the national currency. 
Other major currencies also dropped on Tuesday. The euro was down more than 1.5% % to fetch 301,680 rials. The UK pound sterling was quoted at 358,520 rials, down 0.9% on Monday and the UAE dirham lost 1.7% or 1,200 rials to buy 71,600 rials, according to Eghtesad News website.
The domestic bullion market was bearish in the follow-up to the pattern of decline in currency rates. The popular Emami Gold coin was worth 117.9 million rials, down nearly 1% or 1.15 million rials in one day.  
Half Bahar Azadi coin closed 1.8% lower to reach 65.8 million rials and one gram of 18-karat gold was quoted at 11.56 million rials, 1.91% lower on the day before.      

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