Dollar Holds Steady Near Key Threshold as Markets Eye Political Developments
Tehran – The Iranian foreign exchange market saw the US dollar consolidate near a significant psychological barrier in Sunday’s trading session, with analysts predicting continued volatility as political factors remain the primary market driver.
Sunday’s Trading Session Recap
The US dollar traded within the 98,000 Tomans channel during Sunday’s session, registering a minor overall increase. The currency rose to a high of 98,700 Tomans but closed the day’s trading at 98,350 Tomans. This represented a modest gain of approximately 600 Tomans compared to the previous day’s close.
Market traders attributed the dollar’s ability to climb back above the 98,000 Tomans threshold to the entry of new buyers and a relative increase in demand. Economic experts emphasized that the currency market continues to be influenced by the prevailing political atmosphere and regulatory market interventions, noting that its future trajectory can shift rapidly based on political news.
Analyst Outlook and Market Resilience
Economic specialists indicate that the dollar’s behavior suggests the market is resisting deeper declines. While the recent constructive engagement between Iran and the International Atomic Energy Agency (IAEA) has created a calming psychological effect and exerted downward pressure on the exchange rate, any dip toward the 97,700 Tomans level was immediately met with buyer interest.
Analysts note that these price floors are seen by traders as entry opportunities, which prevents the dollar from stabilizing and remaining at lower levels. It appears the currency market is currently more dependent on psychological expectations and supply management than on fundamental economic factors. Traders have learned from experience that each retreat to lower price levels creates an opportunity for new demand to enter the market.
The primary scenario predicted by market analysts for Monday is a continuation of the dollar’s fluctuations around the 98,000 Tomans channel, with a serious caution that a return to higher channels remains a distinct possibility.
Parallel Currency Rates
In related forex trading, the digital currency Tether (USDT) traded at 98,230 Tomans, closely mirroring the free market dollar rate. The UAE Dirham was traded at 26,650 Tomans.
Other major currencies saw the British Pound traded at 133,530 Tomans and the Euro at 115,600 Tomans. In the central exchange center, the banknote dollar rate was reported at 72,032 Tomans, while the wire transfer rate for the dollar was 69,934 Tomans.