The rail pared more past losses on Monday and strengthened against major foreign currencies in Tehran’s unofficial market.
A dollar traded at 314,500 rials in the middle of the day, shedding 1.5% or 5,000 rials in one day and the euro changed hands at 327,800 rials to post 1.3% loss. The GBP was worth 384,400 rials, down 1.4% and the UAE dirham was down 1.1% to buy 86,550 rials.
In the regulated market, where currencies are traded wholesale, the greenback sold for 276,380 rials -- a subtle 0.1% rise on Sunday. This market is a CBI-affiliated spot market operated by a network of banks and certified moneychangers dealing in wholesale currency.
The government-certified Melli Exchange tagged the greenback at 277,430 rials, almost unchanged on the day earlier.
Gold prices took a bigger drubbing thanks to the downturn in forex prices in Tehran and decline in international gold prices.
The popular Emami gold coin lost more than 2.3% or 3.56 million rials to close at 15.03 million rials, the Half-Bahar Azadi coin gave up 1.8% or 1.5 million rials to be traded at 82 million rials and one gram of 18-karat gold was worth 14.25 million rials, unchanged from the previous session.
The precious metal fell in world markets on Monday as prospects of higher interest rates dimmed appeal for the non-yielding asset, but a softer dollar helped the bullion cling above the $1,800 support level, newswires said .
Spot gold fell 0.2% to $1,806.58 per ounce after touching a five-month low of $1,783.50 on Friday. US gold futures rose 0.3% to $1,806.5.
