Iranupdated 1h ago2 min read
Kamran Soltani Says Central Bank Waited Until Dollar Hit 270,000 Tomans
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Central Bank intervened on October 3, supplying dollars to steer the market. Dollar climbed to around 270,000 tomans, prompting questions about intervention timing.
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Dollar, 270,000, and delay
Kamran Soltani, former secretary of the Association of Currency Brokers, said the Central Bank’s delay in intervening could be a sign of targeting the 270,000 toman level after the dollar reached about 270,000 tomans by October 11. Soltani told Khabaronline that the dollar’s rise continued from about September into October and that the Central Bank began supplying dollars only after that move, which he linked to the policymaker’s performance. Soltani argued that the Central Bank could have entered the market before the dollar reached the 270,000-toman range, but waited until the currency price reached that level.
Soltani also predicted that the dollar price will surpass 300,000 tomans before the start of 1406, while he said the depreciation of the national currency will continue until the end of the year. Soltani stressed that his interpretation of the Central Bank’s behavior does not imply official confirmation of such targeting by the institution.
Sanctions and USD/IRR
USD/IRR rose against the Iranian rial by 0.95% after the sanctions tightening and traded above IRR 1,794,707 (MA-20). The expected five-day range ran from IRR 1,838,007 to IRR 1,877,446, while momentum readings warned of overbought conditions and rising volatility. The pair opened roughly flat and then rose by IRR 17,493 or 0.95% to trade near its highs, with intraday volatility of 2.65%.
Traders Union cautioned that traders should watch for a possible spike in volatility because overbought signals from multiple indicators raised the risk of sharp price moves. Traders Union cautioned that traders should watch for a possible spike in volatility because overbought signals from multiple indicators raised the risk of sharp price moves.
Gold, coins, and daily moves
The dollar pulled back from the 272,000-toman channel, and Tuesday’s move opened with a positive gap of 800 tomans at 272,310 tomans before retreating to 270,260 tomans. The dollar finished the day down 1,250 tomans from the previous close, and the report linked domestic gold and coin selling pressure to the dollar’s retreat and the global ounce falling below the 4,000-dollar mark. Global gold traded around 4,025 dollars early Tuesday, fell to around 3,990 dollars, and then returned to the 4,000-dollar range to reach 4,030 dollars, closing at 4,028 dollars at 17:15.
The price of 18-carat gold on Tuesday fell by 263 thousand tomans while staying in the 26 million toman corridor, opening at 23,344,000 tomans and closing at 26,058,000 tomans. The Emami coin closed at 265,900,000 tomans after falling by 2.2 million tomans from Monday’s close.