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USD, Gold Register Big Gains in Tehran

USD, Gold Register Big Gains in TehranUSD, Gold Register Big Gains in Tehran

The US dollar once again gained against rial on Monday in keeping with its bullish mode in Tehran’s foreign exchange market, which has raged since early autumn.

According to Tehran Gold and Jewelry Union’s website, the rial was quoted in the free market at 40,150 to the dollar on Sunday, marking an increase of 370 rials compared to Saturday’s close. The Central Bank of Iran set the official rate of greenback at 34,084 rials, up by 35 rials.

Greenback started its rally two weeks ago when its exchange rate in Tehran’s open market hovered around 38,920 rials and gained about 1,280 rials during the period to reach its highest value in Iran’s forex market since December 2016.

According to Tehran’s forex market activists, an uptick in Emirati dirham’s remittance rate, speculative activities and fears that the US president might pull out of the nuclear accord are all factors behind USD’s surge.

In tandem with the greenback, gold coins have also soared in Iranian markets for quite a while now. Bahar Azadi, the benchmark gold coin fetched 12.67 million rials ($316.75) on Monday to register a leap of 190,000 rials ($4.8) or 1.52% compared to its previous day’s close. This is the highest value of the precious coin in Tehran’s gold market in recent time.

The other benchmark coin, Emami, also witnessed an increase of 165,000 rials ($4.1) or 1.27% to reach 13.13 million rials ($328.25). Half Azadi and Quarter Azadi coins increased by 7,000 rials and 50,000 rials  and were traded for 6.67 million rials ($166.75) and 3.92 million rials ($98), respectively.

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