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Slight Decline in USD

Slight Decline in USD Slight Decline in USD

The US dollar was traded at 36,800 rials in markets on Saturday -- a drop of 230 rials compared with the previous day’s close. The currency experienced surges during the last week crossing the psychological threshold of 37,000 rials on Thursday. Last Sunday, it sold for 36,580 rials. Growth in demand for travelling to neighboring Iraq to observe the Shiite ritual of Arbaeen is seen as one reason for the greenback’s rally. Donald Trump’s unexpected victory in the US presidential election, the new Persian New Year drawing closer, and growth in US dollar’s value in global markets also influenced the market in recent weeks, according to Saied Mojtahedi, an official in the Association of Bureaux de Change Operators of Iran. Euro and British pound were traded at 39,450 rials and 45,950 rials on Saturday. Both currencies recorded a 500 rial drop compared to Thursday’s close according to Tehran Gold and Jewelry Union website.

 

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