Economy, Business And Markets

Parity Widens

Parity Widens  Parity Widens

Volatility in the foreign exchange market widened the gap between the official and free market forex rates on Wednesday. In late trading the greenback was sold for 34,050 rials in the free market while the official price of the dollar was quoted at 29,956 rials – bringing the rate difference close to 5,000 rials. The difference between the two rates had narrowed in recent weeks, raising hopes of a smooth single rate exchange rate by the Central Bank.