Rial erases gains

Financial Tribune – Major foreign currencies rallied again in Tehran’s open market on Sunday with the dollar bouncing back to 202,000 rials, up 2.5% overnight.

One euro fetched 226,000 rials, up more than 3% compared to Saturday’s close. The UK pound sterling rose 4,000 rials to 246,000 rials. The UAE dirham was worth 56,600 rials.

The greenback climbed as high as 205,000 rials in the middle of trading session, its historic level last Tuesday, before dropping later.

Reported increase in currency supply is said to be slowing the dollar from further advance.

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