Forex, gold back to old ways

Financial Tribune – After a brief hiatus major currencies resumed rallies going back to their bad old ways in Tehran on Wednesday as CBI’s selected moneychangers demanded higher rates.

The US dollar rose to 224,000 rials in the free market, up approximately 5,000 rials compared to a session earlier to grab 2.3% gain overnight. Euro hiked about 1.5% to 250,000 rials and the UK pound sterling fetched 279,000 rials, up slightly from 276,000 rials the day earlier.

To bridge the price gap with free market prices, the so-called official selected moneychangers affiliated to the Central Bank of Iran increased the dollar rate by more than 2%.