Economy, Business And Markets

Euro Rally Cools

Euro Rally CoolsEuro Rally Cools

The rial was quoted at 45,490 to a euro on Monday in Tehran's market, marking a 1% gain against the European currency in the past three days.

According to Tehran Gold and Jewelry Union’s website, euro changed hands for 45,950 rials in Tehran's market last Thursday, which was its highest value since May 2014 but its rally ended as the market reopened in Tehran on Saturday.

US dollar, the most widely traded currency in Tehran's foreign exchange market, continued its upward trend and registered a slight increase of 10 rials on Monday to maintain its highest value in more than five months.         

Other high-demand currencies in Tehran’s market, namely Turkish lira and Emirati dirham which traders significantly use in transactions with these countries slightly declined against rial on Monday. On July 31, the benchmark Azadi gold coin fetched 11,820,000 rials ($311) in Tehran’s market, marking a 20,000-rial or 0.17% decrease compared to Sunday’s close. The other benchmark gold coin, Emami, registered a bigger decline of 30,000 or 0.25% compared to its yesterday’s close, changing hands for 12,161,500 rials ($320).       

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