Business And Markets

Forex Rates Rally

Forex Rates Rally
Forex Rates Rally

Logging daily gains since last week the US dollar crossed the critical 310,000-rial level on Monday in the open market and closed at 311,000 rials, rising more than 3%. 
America’s currency soared as high as 312,800 rials in early hours of trade on Tuesday but lost momentum later to end at 311,800 rials, up 0.2% on the session before. 
The Persian-language economic newspaper Donya-e-Eqtesad ascribed the rise to increase in inflation expectations among the public that has given rise to forex and gold demand as people seek safe havens to protect their life-savings against the plunging rial.


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