Dollar Pushes Azadi Up
Economy, Business And Markets

Dollar Pushes Azadi Up

The rial fell against the dollar and gold coins on Sunday, as stocks retreated from 4-month highs, with investors hedging their bets and locking in profits.
The Azadi benchmark bullion coin jumped 2.21 percent to 9,710,000 rials by Saturday's close, a five-week high. All gold coin denominations rose in Tehran, partly prompted by spot gold's gains in the international markets on Friday, and partly due to the dollar's strengthening versus the rial. Bullion for immediate delivery closed up one percent at $1,207.59 an ounce on Friday.
The greenback advanced 1.06 percent to 33,240 rials by Saturday's close on Ferdowsi Street – center of currency trading in Iran, giving a boost to gold. A stronger greenback makes dollar denominated gold more expensive for buyers in other currencies.
The euro and sterling both slid on Saturday, trailing their fall in the international markets of Friday. The euro fell nearly half a percent, braking below the 36,000 rial mark to 35,920 rials, while sterling edged down 0.37 percent to 48,960 rials.
Conversely investors cashed out of equities on Saturday, as they locked in profits from last week's rise in equities. Tehran Stock Exchange's main index, the Tedpix, fell almost one percent to 70,022.80 points, with petroleum related shares leading the fall.
The equity index rose 7.5 percent to a 4-month high last week, as Iran and the six world powers – Britain, France, Germany, China, Russia and the United States – reached a framework agreement over Iran's nuclear energy program, paving the way for the lifting of economic sanctions imposed on Iran.

Short URL : http://goo.gl/x9bpx9

You can also read ...

Valiollah Seif
Governor of the Central Bank of Iran said on Wednesday anti-...
Nat’l Virtual Currency in the Offing
Months after the idea was first publicized, it seems that Iran...
5th Indian Wheat Cargo Arrives for Afghanistan in Chabahar
India’s fifth consignment of wheat to be sent to Afghanistan...
Presale Crosses  96,000 Gold Coins
The presale of Bahar Azadi gold coins priced at 14 million...
Spanish Foreign Minister Alfonso Dastis met with President Hassan Rouhani on Feb, 21.
Foreign ministers of the Netherlands and Spain are in Tehran...
Lexus’ New Crossover to Break Cover  in March
Lexus will pull the covers off of the production version of...
The government has required car importers to pay the higher tariffs announced in January.
The government has finally allowed the clearance of imported...
Bank Loans Top $100b in 10 Months
Banks and credit institutions doled out more than 4.62...