US Dollar Bullish Again

The US dollar gained against the rial on Wednesday to reach its highest value in Tehran’s foreign exchange market in almost a year. According to Tehran Gold and Jewelry Union’s website, the rial was quoted at 41,430 to the dollar in Tehran’s open currency market, weakening by 160 rials compared to Tuesday’s close. Rial, however, gained a bit late in the day. The rate is short of the highest reported value of the American currency against the rial in Iranian markets, which in late December 2016 reached 41,500 in a sign of concern about the country’s ability to attract foreign money after US President Donald Trump took office. Euro, the other high-demand currency, registered a 290-rial growth compared with Tuesday’s close and changed hands for 49,970 rials.