News ID: 315898
Published: 0702 GMT August 30, 2021

US dollar drops 5.1% against Iran’s rial despite global surge

US dollar drops 5.1% against Iran’s rial despite global surge

The US dollar and other major currencies have slightly declined against the Iranian rial despite a stabilization reported for the greenback in the international markets.

The dollar closed at 263,580 rials in the late afternoon trade in the market in downtown Tehran, down 5.1% against the Sunday price, the official IRNA news agency said in a Monday report.

Other major currencies including the euro and the British pound also dropped against the rial by relatively the same amount.

Iran still maintains an official price of 42,190 for the rial against the dollar, a rate solely used for imports of staples and basic goods.

The national Iranian currency has suffered sharp losses since the United States pulled out of an international deal on Iran’s nuclear program in 2018 and imposed its sanctions on the country, Press TV wrote. 

The rial had started a fresh downfall against major currencies in mid-August to lose around 10% of its value over the past two weeks.

Rial’s rebound on Monday, however, came despite reports showing that the US dollar had stabilized in the international markets following a major decline reported on Friday.

Dollar’s loss also caused the price of gold to decline slightly in the Iranian market.

A separate report by the IRNA said that benchmark price for the Bahar Azadi gold coin had dropped by nearly 3% compared to Sunday to stand at 117.8 million rials. The price of each gram of gold also fell to 11.63 million rials, said the report.

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