After sustaining hits in the beginning of trading week on Saturday, forex rates reversed course in the past two sessions along with the domestic bullion market.
The US dollar clawed back near the critical 260,000-rial mark on Monday and advanced further on Tuesday to be quoted at 262,000 rials in Tehran’s free market.
This was close to 1% growth compared to Monday’s close and 2.2% higher than Sunday, when the American currency fell back to a 7-month low of 256,300 rials.
Market data indicate that the greenback has lost about 15% against the rial in two months largely due to relatively positive reports about the ongoing Iran nuclear talks in Vienna.
Likewise, the euro gained 0.75% on Tuesday to close at 296,640 rials and the UK pound sterling was up more than 0.6% or 2,350 rials to buy 355,620 rials. The UAE dirham climbed 0.7% and was tagged at 71,800 rials.
Forex rates followed suit in the regulated market. The greenback was traded at 246,600 rials in the wholesale market or 0.7% higher.
The regulated market is a CBI-affiliated spot market operated by a network of banks and certified moneychangers dealing in wholesale currency.
However, the official exchange bureaus affiliated to state banks, took a reverse course and quoted the dollar at 245,100 rials, down 0.85% on the earlier session.
Gold prices rose in tandem with forex rates despite decline in international markets. The Emami gold coin changed hands at 119.5 million rials on Tuesday -- 1.01% or 1.3 million rials higher on Monday.
The Half Bahar Azadi coin gained 1.8% and was traded at 67 million rials while a gram of 18-karat gold was worth 11.88 million rials, up 1.2%.
Gold retreated below the $1,900 mark in international markets on Tuesday as equities pared losses despite an escalation in the Ukraine crisis that pushed safe-haven bullion to its highest in almost nine months.
Spot gold fell 0.6% to $1,895.02 an ounce having hit its highest since June 1 at $1,913.89.
