Forex rates low as demand declines in Tehran market

Financial Tribune – Sailing in calm waters since the beginning of the calendar year (mid-March), the currency market witnessed another fall at the start of the business week in Tehran on Saturday.

On Monday the US dollar was sold for 112,000 rials at 4:00 pm local time, down 2.6% compared to Sunday’s close. The greenback was worth 116,000 rials on Saturday.

The euro was tagged at 126,000 rials, and the UK pound sterling fetched 140,000 rials.

Currencies have seen little fluctuations since late March, unlike in the first half of the previous year when the forex market shook like never before, thanks to the avaricious activities of middlemen and speculators in jacking up prices.

Struggling to boost the national currency, the Central Bank of Iran stepped efforts in the past months to intervene in the market by increasing supply and pusing for disciplinary measures to curb speculative activities.