Forex Rally Continues

Major currencies continued their bullish trend in Tehran’s foreign exchange market on Sunday, prompting the rial to fall to record lows. According to Tehran Gold and Jewelry Union’s website, the rial was quoted at close to 46,000 to the dollar, falling by 1.41% against the American currency, marking another psychological barrier to be crossed by the exchange rate within two days. The rial also lost significantly against the euro and pound, two other high-demand currencies.  It was quoted at 58,500 and 63,390 per euro and pound, respectively. The gold market, however, experienced a calmer day with the benchmark Bahar Azadi gold coin gaining slightly. It fetched 15.22 million rials ($241 ) at Sunday’s close. The volatility in the forex market has prompted a senior lawmaker to send a letter to President Hassan Rouhani on Sunday, warning him about the weakening of the national currency. Mohammad Reza Pour-Ebrahimi, the head of Majlis Economic Commission, told IBENA that fluctuations in forex rates would cause instability at the macroeconomic level and called on the central bank to step in and calm the rally.