Amid continuing economic crisis in Iran and a delay in nuclear talks with world powers, the US dollar rose to 275,000 rials in Tehran's exchange market on Sunday, reaching its highest point in nearly ten months.
Iran’s rial has strengthened against the US dollar in the unofficial market mainly on speculations that US President Donald Trump’s sickness could hurt his re-election chances in the next month’s elections.
Devaluation for the Iranian currency (rial) seems to have come to an end as the Central Bank of Iran (CBI) resumes rationing the US dollar while it dismantles price restrictions in two government-run exchange markets.
Oil prices recovered on Tuesday, erasing overnight losses, as investors moved into risk assets and away from the safe-haven US dollar which tumbled to multi-year lows.
The Iranian rial hit its lowest rate against the dollar since September 2018 on the unofficial market on Saturday.
Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati said Sun. that the enemies are constantly plotting against the country’s local currency the rial, saying in continuation of countermeasures, an organized market will be launched within two weeks to further thwart plots.
The prices of the US dollar and gold coins– two key drivers of consumer prices – were on decline in recent days in what is seen as a clear defiance against earlier predictions that sanctions could trigger a price shock in the country.
Russia’s Foreign Minister Sergei Lavrov says the three major European signatories to a landmark nuclear deal with Iran agreed to establish trade ties with Iran independent of the US dollar.
Governor of the Central Bank of Iran (CBI) Valiollah Seif announced that the country plans to establish a secondary currency market in coming days as the Iranian rial has plunged to an all-time low against the US dollar.
Although a group of officials have expressed optimistic views over the future of Iran’s housing market, a financial analyst suggests that the market is very unlikely to climb out from the current recession in near future.
