Forex rates decline continues in Tehran market

Financial Tribune – The currency market in Tehran stabilized further on Sunday with the USD exchange rate dropping below the support level of 14,000 rials. The greenback was traded for 138,000 rials on the open market to post the fourth straight decline. The Euro changed hands for 160,000 rials — down from 162,400 at the outset of trade.

The benchmark Bahar Azadi gold coin fetched 43 million rials ($311) down from the previous day’s 44 million rials. The new bearish climate for foreign exchange rates come on the heels of some relatively positive news about economic and political prospects despite the US sanctions slated for Nov.4 approach.