The currency market saw declining rates on Sunday as sellers outnumbered buyers in Tehran’s free market. The same was true in the domestic bullion market as the yellow metal was much weaker.
The downward slope started on Saturday spurred by positive political developments and extended to Sunday.
The US dollar was traded at 314,500 rials in the unofficial market, down 3,500 rials or 1% on the session before.
Likewise, the euro lost 1.1% to buy 332,000 rials and the GBP changed hands at 389,900 rials down almost 1%. The UAE dirham lost 1.7% and was quoted at 85,400 rials.
Reports about the likelihood of resuming the stalled talks to restore Iran’s nuclear deal apparently impacted currency trade and weakened the sentiments of currency dealers and middlemen.
The European Union foreign policy chief Josep Borrell met with Foreign Minister Hossein Amir-Abdollahian Saturday in Tehran to discuss ways to kick-start the difficult nuclear negotiations.
At a press conference later in the day both sides said the talks would resume soon.
Observers expect a weaker dollar if the historic 2015 nuclear agreement is rescued and the US economic and financial restrictions are eased.
In the regulated market run by exchange bureaus affiliated to the Central Bank of Iran the greenback sold for 276,000 rials, a slight rise of 0.06%. This market is network of banks and certified moneychangers dealing in wholesale currency.
One dollar was worth 277,170 rials in the official retail market as quoted by the Melli Exchange, affiliated to the Bank Melli.
Losses in the domestic gold market were much deeper amid the weekend holiday in international markets. The popular Emami gold coin lost a massive 4.4% or 6.51 million rials and was traded at 146.97 million rials.
The Half-Bahar Azadi coin fell 3% or 2.5 million rials to 82 million rials and one gram of 18-karat gold fetched 13.94 million rials, down more than 1.7% on Saturday.
