Forex and gold prices posted significant growth in Tehran Monday, after continuous declines for two weeks.
The US dollar gained 1.55% during the day in Tehran's open market and was traded at 294,200 rials. It closed at 284,700 rials on Saturday, losing 4.5% to the day.
Likewise, the euro rose by 1.03% or 3,000 rials in the open market to buy 295,500 rials and the GBP climbed 0.98% to 351,200 rials. The UAE dirham gained 1.14% and was quoted at 79,800 while the Turkish lira was traded at 16,400 rials, up 1.55% on Sunday's close.
The descending order began two weeks ago spurred by positive reports about the likelihood of success in complex negotiations to revive Iran’s nuclear deal, known officially as Joint Comprehensive Plan of Action or JCPOA.
On Friday, sources with knowledge about the latest European proposal to salvage the 2015 Iran nuclear agreement told Al Jazeera Arabic that the deal was imminent and includes the release of billions of dollars in frozen Iranian funds and oil exports in return for the scaling back of its nuclear program.
The report triggered a new bout of selloff in the currency markets in Iran as dealers anticipated a stronger rial when years of financial restrictions are removed on the economy.
However, market analysts say that the United States' delaying tactics vis-à-vis the EU proposal could be reversed the declining currency rates.
Iran's Foreign Ministry spokesperson, Nasser Kanaani, on Monday said Tehran wanted a sustainable deal that would preserve Tehran's legitimate rights.
"The Americans are procrastinating and there is inaction from the European sides...America and Europe need an agreement more than Iran," Kanaani told a news conference in the capital.
"Until we agree on all issues, we cannot say that we have reached a complete agreement," Reuters quoted him as saying.
Gold Prices
Unsurprisingly, gold prices also jumped on Monday. The Emami gold coin was worth 135.5 million rials, up 1.53%.
Half Bahar Azadi coin was traded at 78 million rials, rising more than 3.31% and one gram of 18-karat gold was worth 12.3 million rials, down 0.21%.
