67475
Forex Summer  Rally Heats Up
Economy, Business And Markets

Forex Summer Rally Heats Up

The US dollar continued its rally in Tehran's market on Saturday, gained about 200 rials and changed hands for 37,920 rials to reach its highest rate since the beginning of the new Iranian year (March 21).
According to Tehran Gold and Jewelry Union's website, the rial was quoted at 37,520 to the dollar less than a week ago, showing the bull run in the currency market.
Euro, another high demand currency in Tehran's market, gained 450 rials on Saturday. The rial was quoted at 44,100 to the euro, which has been unprecedented for years.
The European currency started its rally in domestic exchange market a couple of weeks ago, but gained momentum during the final days of the previous week, which has prevailed.
The surge in forex exchange rates started before Eid al-Fitr festivities, marking the end of the Muslim fasting month of Ramadan (June 25), but according to forex experts, the main reason behind the leap in rates is summer holidays and high demand for foreign currencies as the number of foreign trips rises.
The crisis facing shadow banks in the Iranian banking system and the region's military conflict are other reasons behind the rally.
In tandem with foreign exchange rates, Emami and Bahar Azadi gold coins both gained 30,000 rials and fetched 12,190,000 rials ($325) and 11,820,000 rials ($315.2), respectively.

 

Short URL : https://goo.gl/MBkBLv
  1. https://goo.gl/CndeJu
  • https://goo.gl/ame7Ky
  • https://goo.gl/2JoQd8
  • https://goo.gl/uWVNCx
  • https://goo.gl/zAQ6Fk

You can also read ...

BMW’s Tech-Stuffed Concept SUV Heralds Fancy, Electric Future
Changing notions of what customers want from cars have pushed...
Tesla Hits New Speed Bump
Tesla Inc’s Chief Executive Officer Elon Musk on Sunday...
Oil & Gas Sector Most Conducive for Business
The research arm of Iran’s Parliament has conducted a first-of...
3 CBI Officials  to Leave
Following the recent passage of the law banning the employment...
CBA Concerned About Forex Outflow to Iran
The Central Bank of Afghanistan raised concerns about the...
Anzali Port to Be Connected to National Railroad
Anzali Port in the northern Gilan Province will be connected,...
Mineral Trade Surplus Hits $2.9b
Iran exported more than 25.47 million tons of mineral products...
Departure Tax Revenues  Up 117 Percent
The government earned 3 trillion rials ($24 million) from...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus