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The foreign exchange market on the second day of the week, while facing a relative decline in prices in the 267,000-toman channel, has seen the return of Iran-cheque settlement methods on the market floor, leading to dollars priced lower than the official rate.
According to Tabnak's economic reporter, the foreign exchange market on the second day of the week witnessed fluctuations in the US dollar rate within yesterday's range, namely the 267,000-toman channel; albeit with a gentle and downward slope. Field investigations show that currently, many traders have set their proposed selling price for the dollar at 267,500 tomans, which registers a 1,000-toman drop compared to the previous trading day.
Meanwhile, other key currencies in the market also followed a downward trend. The Euro rate in the free market of Tehran is traded at 300,300 tomans, which has decreased by 350 tomans compared to yesterday. Also, the UAE Dirham reached 73,300 tomans with an 83-toman drop. In other sectors, the British Pound was priced at 358,000 tomans, the Turkish Lira at 5,400 tomans, and the Canadian Dollar at 191,500 tomans, keeping the overall atmosphere of the free market dominated by limited and downward fluctuations.
Nevertheless, a review of developments on the market floor points to an interesting phenomenon: a group of retail traders are offering rates lower than the market average (such as 258,000 tomans) to supply their dollars and attract demand. The main condition for these sellers is cash and physical settlement using travel checks, or Iran-checks of 200,000, 500,000, and one-million-toman denominations. In this trading method, there is no sign of banking transactions or card-to-card transfers.
On the other hand, in the official sector, the Exchange Center of Iran recorded a different trend today, and currency remittance rates in this center were accompanied by upward changes. According to the latest data, the buying and selling rates of US dollar remittances have reached 183,638 tomans and 185,305 tomans, respectively, indicating an increase compared to yesterday.
Furthermore, the buying and selling rates of euro remittances in this center stood at 205,715 tomans and 207,583 tomans to maintain their upward trend. Meanwhile, UAE dirham remittances also experienced another upward day compared to the previous working day, registering a rate of 50,003 tomans for buying and 50,457 tomans for selling.
Source: Tabnak
