After weeks of wild rallying, the US dollar has lost its bullish momentum in Tehran's foreign exchange market as the Central Bank of Iran's rescue package appealed to investors anxious about a slide in the value of rial.
According to market reports, the rial continued to gain against the greenback on Monday and was quoted at 45,750 to the dollar, having gained about 300 rials against the American currency in the past four days.
At the height of the forex market volatility last Tuesday and just before the unveiling of the CBI package, the rial was traded at 49,000 to the greenback, having plunged 14% since the start of 2017.
February 20, 2018 20:16
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Tehran Currency Market: USD Bearish as CBI Measures Sink In
The central bank’s package, long overdue according to some analysts, saw a reversal of the regulator’s loose monetary policy adopted in September, which forced banks to reduce their deposit and lending rates
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