Forex at 20-Month High in Tehran Market

Major currencies on Thursday hit the highest rates since September 2018 with the dollar traded at 180,000 rials in Tehran’s open market.

One euro fetched 203,000 rials and the UK pound sterling 226,000 rials.

Following similar trends in the open market, moneychangers affiliated to the Central Bank of Iran also increased their rates to help reduce arbitrage in prices and balance the market – moves that so far have failed to curb the rising trend in prices.

The bank-based exchange bureaus sold the greenback for 177,500 rials on Thursday, up 5,000 rials, or 3%, compared to Wednesday’s close, according to market data from the Tehran Gold and Jewelry Union website.

source: Financial Tribune