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Despondency Pushes Forex and Gold Prices - Financial Tribune

September 08, 2021 23:15

Despondency Pushes Forex and Gold Prices

T he forex market in Tehran was volatile on Wednesday as most foreign currencies posted gains reportedly spurred by expectations arising mainly from political developments.

The dollar vacillated between 269,000-272,000 rials for 10 days before rising sharply to 275,300 rials on Wednesday in Tehran’s open market, up 1.5% or 4,100 rials compared with a session earlier.

Likewise, the euro gained 0.75% or 2,450 rials to fetch 325,390 rials and the UK pound sterling was quoted at 378,920 rials, up 0.9% or 3,430 rials. The UAE dirham was worth 75,130 rials, rising 1.2% or 930 rials compared to Tuesday.

Citing market analysts, the Persian economic website Eqtesad News said currency traders reportedly are reacting to negative reports by the Wall Street Journal on Tuesday about the fate of Iran’s nuclear deal.

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