TT On-The-Go
TT Feed
| Iranian rial gains 6 percent in past week |
|
 |
 |
 |
Font Size 
|
The Iranian rial appreciated 6 percent in the past week, on hopes the U.S. may delay further sanctions on Iran following the election of its new president, Hassan Rohani.
Since Rohani’s June 14 election, Iranians have been selling dollars they bought over the past year while the domestic currency was tumbling amid sanctions. The rial reached 30,500 after more than 120 members of the U.S. Congress signed a letter last week calling on President Barack Obama to engage Iran diplomatically, according to the daily.
Rohani has promised to bring more transparency to Iran’s nuclear program in an effort to roll back U.S. and European Union measures against the country. The sanctions have cut oil exports, pushed inflation to more than 35 percent and cost the rial more than half of its value against the dollar in the past year.
(Source: Bloomberg)
  Socialize this Subscribe to our RSS feed to stay in touch and receive all of TT updates right in your feed reader
|