Economy, Business And Markets

Azadi, Euro Fall on Int’l News

Azadi, Euro Fall on Int’l NewsAzadi, Euro Fall on Int’l News

Iran’s foreign exchange markets saw some movement due to international news on Tuesday, after a week of slow trade.

The Azadi gold coin fell as profit-taking in Asia and Europe pushed the precious metal lower. The euro also fell from nine-week highs against the rial after hint of further quantitative easing by European Central Bank officials.

Azadi retreated 0.69 percent to a six day low of 9,410,000 rials by 12:33 GMT on Ferdowsi Street – Iran’s center of foreign exchange trading – closely trailing gold’s moves in global trade.

Gold in international markets slipped after a five-day rally on Tuesday as investors locked in their profits and as the dollar regained some ground, with investors looking to the Greek debt crisis for trading cues, as well as the upcoming minutes from the latest Federal Reserve meeting.

Spot gold had dipped 0.43 percent to $1,220.28 an ounce by 12:33 GMT, according to Bloomberg generic pricing, off a three-month high of $1,232.20 reached in the previous session.

The metal had gained for five straight days to Monday after recent data on US jobs, retail sales and consumer sentiment pointed to weakness in the economy and stoked speculation the Fed would not raise rates any time soon, Reuters reported.

 Single Currency

The euro fell 0.85 percent to 37,510 rials on Tuesday, to its lowest since March 6. The European currency’s drop against the rial was softened by a 0.12 percent rise in the dollar.

A stronger dollar makes other currencies more expensive in rials.

The euro dived back below $1.12 on Tuesday after ECB officials said the bank could take further action to quash euro zone bond yields and boost inflation, potentially flooding the market with yet more euros.

The euro sank 1.18 percent to 1.1182 versus the dollar by 12:33 GMT in international trade.