Iran News ...


06/23/13

Iranian currency buoyed by Rohani victory

Source: Radio Zamaneh

The dollar was trading at just under 30,000 rials today in Tehran, revealing a persistent optimism in the currency market. The rial has been rising in value since Hassan Rohani's election victory of June 14. Rohani won on a platform of moderation and the re-establishment of appropriate international relations.


Read related article by Shargh and Donya-e-Eqtesad (in Persian)

The rial had fallen from just over 10,000 rials to the dollar about two years ago to four times that rate. The Ahmadinejad administration had blamed the widespread U.S. and EU sanctions against the country for the declining value of the national currency.

The victory of Hassan Rohani in the presidential race has triggered a rise in the national currency. Public optimism about improvement of the economy and easing of sanctions has reduced the demand for foreign currencies and gold, and redirected some of this liquidity to the stock market which has also been on the rise in the past week.

Related Articles:

Iran stock exchange grows 7% after Rohani election

- "During this week, there has been a growth of seven percent in the stock market from 45,670 points last week to 48,919 this week. This shows an increase of 3,250 points," said deputy head of Tehran Stock Exchange (TSE) Ali Sahraei. - 6/22/13

Iran: Gold, Currency Market Affected By Presidential Elections

- Price of gold and the dollar drops as the election results point toward the possible victory of the moderate candidate Hassan Rohani. ILNA reports that head of Tehran gold and jewellery syndicate announced a drop in the price of gold in the country. - 6/15/13

 

 

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