Another Low for Iran’s Currency

The US dollar broke above the 47,000-rial threshold by Saturday’s market close to signal yet another weakening of the Iranian currency. The greenback had lost some ground to be quoted at around 45,000 rials by Thursday’s market close but gained more than 1.1% on Saturday, Tehran Gold and Jewelry Union’s website reported. This is while the Central Bank of Iran announced the official rate of the American currency at 36,949 rials, which was slightly lower than on Thursday, as rates remain unchanged on Friday—the weekend holiday, indicating a bigger gap between the official and unofficial market rates. The euro gained more than 1% to be traded for 59,600 rials on Saturday. In the gold market, the benchmark Bahar Azadi gold coin also saw a 1.2% hike to change hands for 15.105 million rials ($322).