Euro at 3-Year High

After euro’s rally against the rial in Tehran’s market intensified a week ago, the European currency reached its highest value against the Iranian currency in three years, being exchanged for 44,220 rials Sunday in the open market. According to Tehran Gold and Jewelry Union’s website, the rial was quoted at 42,890 to the euro last week, which indicates a leap for the high demand currency, as its value gained 1,300 rials in such a short period.

This is while the US dollar rally, which has been continuing for a week and increasing its exchange rate to the highest level since March, stopped as the greenback witnessed a slight drop against the rial in Tehran’s market on Sunday and changed hands for 37,840 rials.

As the summer approached and seasonal travels started, foreign exchange rates experienced hikes, especially in the case of high-demand currencies such as USD, euro, Emirati dirham and Canadian dollar.

Emirati dirham and Canadian dollar gained 140 rials and 1,340 rials during the past two weeks and exchanged for 10,360 rials and 30,150 rials, respectively. The surge in their value was significant since the UAE and Canada are the destinations of many Iranian travelers.