Euro Hits Four-Year High in Tehran Market

The euro gained against rial on Monday in Tehran’s market to register a new record for the European currency, as it surges in global markets. According to Tehran Gold and Jewelry Union’s website, the European currency changed hands for 46,810 rials in Tehran’s market on Monday, marking a significant increase of 1,450 rials within the week to hit its highest rate in Iran’s foreign exchange market since June 17, 2013. This is while the US dollar, the most widely traded currency in the Iranian market continued to gain against rial to reach its highest value in the current Iranian year (started March 21).

The greenback’s uptrend started on August 17, as it gained almost 400 rials in 11 days and stood at 38,580 rials at Monday’s close. The official USD rate on Monday stood at 33,127 rials, marking an increase of 200 rials during the aforementioned period. The rally in the foreign exchange market comes, as the Central bank of Iran is expected to make a move toward its long-standing pledge of floating the rial.