Euro Up, USD Down

The two high demand currencies in Tehran’s market, namely the US dollar and euro, followed entirely different trends during the week to July 18. The rial was quoted at 37,780 to the greenback on Tuesday, down by 150 rials from a week ago. However, euro had experienced an upward trend in the past week. The European currency changed hands for 44,090 rials in Tehran’s market on Tuesday, marking an increase of 400 rials in seven days. Summer holidays and the high volume of travels to European countries, which trigger a surge of demand for euro, are one of the main reason for the rally. Bahar Azadi gold traded for 11,720,000 ($312.5) on Tuesday, registering a drop of 60,000 rials compared to last Tuesday.