Forex, Gold Markets Bearish

Iranian rial gained against almost all other currencies in Tehran exchange market on Sunday one day after President Hassan Rouhani officially took the oath of office to begin his second term. According to Tehran Gold and Jewelry Union’s website, among all currencies, euro and British pound registered the biggest fall at 210 rials and 320 rials, respectively. The pound changed hands at 49,930 rials, while euro fetched 45,650 rials. The US dollar, the most widely traded currency in Tehran’s foreign exchange market, followed the downward trend and was traded for 38,200 rials down from 38,260 rials the previous day. This marked the biggest fall since May 22.  Other high-demand currencies in Tehran’s market, namely Turkish lira and Emirati dirham, which traders significantly use in transactions with these countries, also witnessed a decline. The rial was quoted at 11,130 and 10,510 to lira and dirham respectively .The value of all kinds of gold coins also declined. Emami gold coin and Bahar Azadi gold coin fell by 20,000 rials and 10,000 rials to reach 12,161,500 rials ($318.4) and 11,830,000 rials ($309.7) respectively.