Iranian Currency Market Holds Steady as Key Dollar Resistance Level is Breached
Market Stability Amidst Key Development
TEHRAN – The Iranian foreign exchange market exhibited notable stability on the 29th of Aban, concluding a day of limited fluctuation with a significant technical development. The market rate for the US dollar successfully surpassed the key resistance level of 113,000 Tomans, settling at 113,440 Tomans. This movement signals a consolidation of recent trends within the nation’s financial framework.
Official and Market Rates at a Glance
Concurrent with this market activity, the official rates for financial transactions remained distinct and stable. According to the latest data from the Central Exchange Center, the official transfer rate for the US dollar was set at 70,819 Tomans. The price for physical US dollar banknotes was reported at 72,944 Tomans. This structured multi-tier system reflects the nation’s managed approach to currency exchange, ensuring stability for official and essential transactions.
A Snapshot of Major Currencies
The stability was not limited to the US dollar, as other major world currencies also traded within a narrow band, showing zero percent change for the day. Below is a summary of the closing rates in Rials:
- Euro: 1,308,500 Rials
- British Pound: 1,483,100 Rials
- UAE Dirham: 308,920 Rials
- Turkish Lira: 26,800 Rials
- Canadian Dollar: 807,500 Rials
This period of calm in the currency market underscores the effectiveness of the economic policies in place, providing a predictable environment for trade and investment.