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Iran's Currency Gains Ground Against U.S. Dollar


Source: Mehr News Agency, Tehran

The Iranian rial hovered around 15,800 against the dollar on Iran's unofficial black market on Saturday, showing a 4.4 percent decline compared with 16,500 rials on Thursday.

Each Azadi gold coin was also sold at 5.95 million rials, compared to 6.35 million rials on Wednesday.

Each euro and each pound were also traded at 21,000 rials and 26,500 rials, respectively.

The ISNA News Agency quoted Mahmoud Bahmani as saying on Wednesday that the advance sale of gold coins has nearly stabilized the foreign exchange market, and that the central bank plans to stabilize the forex prices.

Bahmani had said on April 29 that there is no possibility to stabilize the forex prices, because the prices are determined based on supply and demand.

Iran fixed the rial official rate at 12,260 to the dollar on January 28, seeking to meet all demand for foreign currencies through banks.

With the modified policy, "people will no longer need to use free markets to access dollars," Bahmani said.

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