The US dollar crossed the record high of 320,000 rials on Thursday in Tehran’s open market and closed at 322,500.
The price was 1.2% or 4,000 rials higher from the earlier session on Wednesday when the forex rally ceased temporary.
The greenback hit the historic high of 322,000 rials in October 2020. Market experts say the American currency could go higher after breaking past the historic resistance level.
Spike in the currency market has continued despite efforts by the Central Bank of Iran and its affiliated exchange bureaus to control volatility.
Observers ascribe the rising trend to forex demand and expectations among the public plus pessimism about political developments.
Unlike the dollar, other major currencies declined. The euro retreated to be traded at 343,100 rials, down more than 0.8%. The GBP closed Thursday at 406,500 rials, 1,100 or 0.27% lower than a session before and the UAE dirham dropped slightly by 0.1% to 88,200 rials.
In the official market, operated by the CBI-affiliated exchange bureaus, the dollar was tagged at 266,360 rials, up 0.1% on the session before.
It was traded at 267,600 rials in the regulated currency market, up 0.7% from the previous session’s close, according to Iran Currency Exchange website.
The market is a CBI-affiliated spot market operated by a network of banks and certified moneychangers dealing in wholesale currency.
The domestic bullion market was relatively calm on Thursday influenced in part by the decline trend in international markets. The Emami gold coin stood at 149.4 million rials, up 0.1% on the previous session.
Half Bahar Azadi coin rose 0.05% on Wednesday to buy 85.25 million rials and one gram of 18-karat gold changed hands at 14.40 million rials.
In international markets gold fell more than 1% on Friday and was set for its fourth straight weekly decline. Spot gold fell 0.7% to $1,808.89 per ounce after hitting its lowest since Feb. 4 at $1,798.86. It declined nearly 4% this week.
