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Iranian currency gains strength on news of nuclear accord

Source: Radio Zamaneh

The dollar exchange rate fell once again in Iran on news that an agreement on Iran's nuclear activities was reached in Geneva between the county's negotiating team and the world powers.

According to a related story by Shargh daily, Iran's Central Bank is forcing an exchange rate of 29,000 on the market. However, there are no buyters at this price; and there are many who are willing to sell at lower prices

Khabar on line reports that within hours of the news from Geneva, the exchange rate fell by 650 rials, settling at 29,300 rials to the dollar.

This is the lowest rate of exchange in the past 14 months. The national currency had fallen to a third of its value in the past two years following the intensification of international sanctions.

The report indicates that traders have halted their activities, which they say indicates a level of uncertainty as to the direction the market is going to take.

The price of gold has similarly fallen to its lowest levels in the past 14 months.

... Payvand News - 11/25/13 ... --

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