Financial Tribune – Currency rates have been of the declining order since last Tuesday amid widespread presence of the Central Bank of Iran in the market and reports about easing political tensions.
Each US dollar, which was traded for 151,000 rials last Tuesday, fell below the resistance channel of 150,000 rials on Saturday and changed hands for 146, 500 rials.
The downward trend gained momentum Monday when the greenback briefly touched the supportive level of 130,000 rials. However, it gained value in late day trading to fetch 140,000 rials.
The euro was traded for 159,000 rials, and the UK pound for 178,000 rials.
Market observers ascribe the decline to CBI efforts to intervene in the market and believe that the regulator has turned to new tactics for regulating the chaotic forex market.