Tehran’s foreign exchange market on Wednesday heated up again, as the rial weakened 1.1% and was quoted at 46,190 against the dollar. The greenback had backtracked slightly earlier this week, dipping below the 45,000-rial threshold, Tehran Gold and Jewelry Union’s website reported.
Other major currencies, namely the euro and the British pound, also gained on Wednesday, with the former rising by 1% to reach 58,250 rials and the latter being traded for close to 67,000 rials.
In the gold market, the benchmark Bahar Azadi gold coin which had lost more than 3% of its value in previous days, regained some ground as it was traded for almost 15 million rials ($325) by Wednesday’s market close.
Ref: Financial Tribune