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FX, Gold Markets Still Bullish in Tehran Market

FX, Gold Markets Still Bullish FX, Gold Markets Still Bullish

Most foreign currencies continued to gain against the rial on Wednesday in a rally that started from the early days of the current Iranian year that began on March 21. According to Fars News Agency, the rial was traded for 50,500 to the US dollar. Rial was also quoted at 61,800 to the euro in the unofficial market. 

According to other local media reports, licensed exchange shops offered currencies at lower rates but street traders seemed to have the upper hand in the market. The benchmark Bahar Azadi gold coin also gained nearly 1% and fetched 17.50 million rials ($360). 

In response to forex market volatility, lawmakers have scheduled a meeting next week, calling for a formal explanation from President Hassan Rouhani who had in the past few months promised calm days for the Iranian currency.  

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