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| Iran's currency rises after presidential election |
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TEHRAN (AP) — Traders in Iran say the country's currency has briefly reached its strongest level in nearly 10 months, reflecting hopes that Iran's newly elected president might ease tensions with the West.
Iran's rial was exchanged around 29,000 for $1 Sunday, compared to more than 36,000 before the June 14 election of Hasan Rowhani. The rial had not dipped below 30,000 since late September. Later Sunday it rose to about 31,000.
The rial has lost more than two-thirds of its value against the U.S. dollar since late 2011.
Rowhani's election boosted hope that his promises of international outreach could bring progress in the economy.
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