Gold price, USD exchange rate increases in Tehran

Business Materials 27 September 2011 16:59

Azerbaijan, Baku, Sept. 27 /Trend A. Qurbanova/

The USD exchange rate climbed in foreign independent exchange market Tuesday amid sharp rise in the price of gold coin, IRNA reported.

The USD exchange rate increased in foreign independent exchange market to 12,940 rials, while euro was traded ta 17,600 rials.

The price of gold coin also increased to 6.3 million rials (about $570) despite current decline during this week.

Bahar-e Azadi Coin is an Iranian gold coin minted by the Central Bank of Iran (CBI).

The Central Bank of Iran began to reduce USD exchange rate to maintain the prices, but the gap between independent foreign exchange market and official USD rate increased while current fluctuation in global market shadowed Iranian gold market.