Iranian rial rate rises after US peace deal announcement
Key takeaways
- Due to prospects of reduced geopolitical tensions and a revitalized diplomatic process, the accord has improved mood in Iranian financial markets.
- Although the Iranian rial is the official currency of Iran, free market exchange rates are usually expressed in tomans. 152,000 tomans are equal to 1.52 million rials because one toman is worth ten rials.
- The US dollar climbed to around 1.93 million rials in March after US and Israeli attacks began on Feb. 28, reaching record highs and accelerating the depreciation of the Iranian currency.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize Iranian rial (IRR) has appreciated by more than 15% in the last week following the announcement of an agreement between Tehran and Washington to put a stop to their feud and resolve disagreements through dialogue.
Due to prospects of reduced geopolitical tensions and a revitalized diplomatic process, the accord has improved mood in Iranian financial markets. The US dollar dropped to as low as 1.52 million Iranian rials on Wednesday after trading close to 1.81 million rials last week, according to statistics from pashizi, which monitors Iran’s free foreign exchange market.
Although the Iranian rial is the official currency of Iran, free market exchange rates are usually expressed in tomans. 152,000 tomans are equal to 1.52 million rials because one toman is worth ten rials.