Currency rates on upward trajectory

Financial Tribune – The foreign exchange market in Tehran was in turmoil on Saturday amid investors’ pessimism over the prospect of another burst in prices, namely currency prices, after the implementation of gasoline rationing scheme announced and implemented in Thursday midnight.

The US dollar on Saturday climbed above the psychological level of 120,000 rials in Tehran’s open market and was traded for 122,000 rials for a time during the day.

It later retreated to 120,000 rials apparently amid heavy intervention by the Central Bank of Iran in the market through its affiliated moneychangers.