Iran’s Rial Rises against Dollar

TEHRAN (Tasnim) – The Iranian currency, rial, is bouncing back against US dollar which has started to nosedive since Monday evening as people have flocked to money exchange markets to exchange their dollars for rial.

Iran’s Rial Rises against Dollar

A downward trend in the price of foreign currencies in Iran has pushed down the value of dollar in the unofficial market by almost 50 percent in less than 24 hours.

The value of US dollar had hit record highs in Iran, reaching 190,000 rials, but it was being offered for as much as 80,000 rials in some Iranian cities on Tuesday morning.

The rising value of rial has made people rush to exchange their foreign bank notes for Iranian money.

The price of “Spring of Freedom” gold coin, minted by the Central Bank of Iran, has also begun to dwindle.

Foreign currency values began to rise in Iran after the US withdrew from the 2015 Iran nuclear deal in May and announced plans for a fresh wave of sanctions against the Islamic Republic.

There was growing demand for dollars among ordinary Iranians, who feared more plunge in the value of their assets and growing price of goods, even those not imported from abroad.

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