Forex falls in Tehran

Financial Tribune – Currency rates continued to descend in markets across the country on Wednesday as businesses took some relief from weeks of political bickering in the region.curre

The USD fetched 136,000 rials, down 2, 000 rials compared to Tuesday’s close. The euro also fell 2.3% and was exchanged for 153,000 rials.

Easing of the mounting political tensions between Iran and the United States seems to be a key factor influencing the currency rates.

Tensions appeared to ease over the past week when Tehran and Washington toned down their tough rhetoric and announced they don’t want military hostilities in the strategic region.

Earlier this week, Abdolnasser Hemmati, the central bank governor said the CBI has enough resources to control the forex market, saying that it will intervene in the market if and when necessary.

Despite the sharp fall on Tuesday, mainly due to declines in global markets, gold coin prices were relatively steady on Wednesday. The Emami gold coin sold for 46.19 million rials, up 0.13% than the day before. The benchmark Bahar Azadi was worth 45.73 million rials, gaining 30,000 rials compared to Tuesday’s close.