Iran’s currency rallies against US dollar
Iran’s national currency, the rial, is slowly rallying against the US currency, according to reports from the unofficial exchange market in the capital Tehran.
Reports from the market on Sunday showed that the dollar had dropped to 470,000 rials from around 480,000 rials in the close of trade a day earlier.
Towards the end of June, the dollar was being traded at a rate ranging from 480,000 rials to 500,000 against the rials.
After hovering around the 500,000 mark for some time, the downward trend resumed on Saturday, bringing the dollar back to around 480,000 rials.
The rial strengthened further against the dollar on Sunday, with the US currency tumbling to 470,000 against the Iranian currency.
Economic experts foresee the downward trend in the currency price to persist in the upcoming days, saying the dollar could fall to as much as 460,000 against the rial.