Financial Tribune – Promising news about Iran being able to export its oil to its main customers, along with other measures taken by the Central Bank of Iran, prompted a reversal in the forex market
T he Iranian rial strengthened sharply on Tuesday, climbing to a near three-month high against the US dollar. With the exchange rate breaking below the psychological level of 110,000, the US dollar was traded in the open market for about 107,000 rials.
Iran’s national currency had dropped past 100,000 rials to the US dollar for the first time in late July as Iranians braced for August 7 when Washington was due to reimpose the first batch of economic sanctions.
The rial’s freefall continued in the coming months reaching the all time low of 190,000 rials to the greenback in early fall. But after November 4, the date of second round of illegal US sanctions, it seemed that much of the impact of the new restrictions had already baked in.