Business And Markets

Iran: Forex at 3-Month Low, Gold Down

Iran: Forex at 3-Month Low, Gold Down Iran: Forex at 3-Month Low, Gold Down

Currency rates are declining and have hit the lowest level Sunday compared to the past three months following mixed economic and political developments in and outside Iran.
The rial clawed back from the three-month lows since March. On Sunday the USD dropped below the psychological level of 130,000 rials for the first time in the current fiscal (started in March) and traded at 127,500 rials in Tehran, down 3% compared to Saturday trade.  
The greenback posted the fourth straight decline on Sunday. The euro changed hands for 147,000 rials -- down from 150,500 on the Saturday’s close and the UK pound was worth 164,000 rials. 
According to the Persian-language economic newspaper Donyay-e-Eqtesad, the Central Bank of Iran has had an upper hand in the forex market thanks to investor caution vis-à-vis future uncertainties. 
CBI Governor Abdolnasser Hemmati had said earlier that the bank would intervene in the market “if and when it deems necessary.”


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