Greenback on the Upswing

The US dollar, the most widely traded currency in Tehran’s foreign exchange market, once again gained against rial in Tehran’s open and official foreign exchange markets on Saturday. According to Tehran Gold and Jewelry Union’s website, the rial was quoted in the free market at 40,590 to the dollar on Saturday, which is up 170 rials compared to Thursday’s close. This is while the Central Bank of Iran, which sets the rate of official foreign currencies, also raised the official exchange rate of the greenback on Saturday by 300 rials and put it at 34,789. Euro, another high-demand currency in Tehran’s market, registered a 470-rial drop compared with the previous day’s close. The rial was quoted at 47,810 to the euro.