News ID: 302710
Published: 0254 GMT May 02, 2021

US dollar at new low in Iranian market

US dollar at new low in Iranian market

The exchange rate of the dollar dropped by 10,100 rials to hit 219,700 rials on Sunday compared to the price for Saturday, which was 229,800 rials, which marks 4.6 percent of drop, according to figures by eghtesadnews.com.

The same happened to the euro, which fell by 12,140 rials on Sunday, and sold at 264,210 rials in the foreign currency market, indicating a 4.6 percent decrease.

On Sunday, the rate of each US dollar in official currency exchanges was 217,000 rials, 4.52 percent less than the figure for Saturday which was 226,800.

The rate of the rial began its declining trend in May 2018, when the US withdrew from the nuclear deal signed between Iran and the P5+1 in July 2015, and the reimposition of Washingtons unilateral sanctions on Tehran.

Mainly targeting Irans foreign trade, including oil exports, and the banking sector, the sanctions have been imposed in a bid to cripple the Iranian economy, a pipe dream pursued by the US and its allies, including Israel, which never came true.

According to IRNA, due to foreign policy developments and increasing hope for the success of the Vienna talks, the release of Iranian blocked currencies in other countries and the reduction of speculation in the foreign exchange market, the exchange rates of various currencies have been declining in recent weeks.



 

   
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