Currency Market Monthly Snapshot

As the Iranian month of Azar ended on Dec. 21, the currency market drew the curtain on one of its most eventful months of the year. During the month–a time when most foreign exchange settlements of the country take place ahead of January– the rial fell to its lowest against the US dollar each one of which was quoted at 42,000. The American currency gained 2% against the rial during the month, an analysis by Tasnim News Agency shows.  On the other hand, the official exchange rate of the US dollar–set by the Central Bank of Iran– grew by 1.73 % during the month, being fixed at 35,859 rials by Dec. 21 up from 35,238 at the beginning of the month. Euro, another widely-traded currency in Tehran’s market, registered a growth of 2.7 %. Its exchange rate at the beginning of the month stood at 41,375 but ended up at 42,551 on Thursday.