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Summer Rally for Greenback

Summer Rally for GreenbackSummer Rally for Greenback

On the third day of summer, US dollar hit a one-month high against the rial in Tehran’s market.

According to Tehran Gold and Jewelry Union’s website, the greenback changed hands for 37,620 rials on Saturday, marking an increase of 120 rials compared to Thursday’s close.

Analysts trace the surge to the rise in Emirati dirham’s exchange rate, which is getting closer to 10,400 rials. It could also be ascribed to summer holidays and Eid al-Fitr festivities marking the end of the holy month of Ramadan.

As the number of foreign trips rises at the onset of summer, demand for hard currency also goes up. Euro and Turkish Lira also gained against rial by 80 rials and 90 rials to reach 42,870 rials and 11,040 rials, respectively.

Bahar Azadi gold coin also registered a 10,000-rial increase and traded for 11,770,000 rials ($313.8) on Saturday.

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