Dollar down 7% in Iranian market as US votes looms large
The Iranian rial has risen more than seven percent against the US dollar as investors keep betting on the result of the Tuesday presidential elections in the United States.
The rial closed at 268,000 against the dollar on Saturday, according to exchange price websites and reports from the unofficial currency market in downtown Tehran.
The drop came as investors continued to sell their foreign currency savings amid expectations that US President Donald Trump’s failure to get re-elected in the November 3 votes would cause a major change in Iran-US relations and affected the price of the dollar.
A senior member of the Iranian parliament said on Saturday that the dollar would continue to sink against the rial in the upcoming days.
Hosseinali Hajideligani said that many households had bought the dollar and other currencies over the past few weeks at illogically higher prices only to protect their savings.
“Many profiteers encouraged the people to buy foreign currencies at fake prices,” Hajideligani was quoted by semi-official Tasnim News agency.
The dollar dropped to 240,000 against the rial earlier this month only to rebound to nearly 295,000 earlier this week.
The price of gold has also been oscillating amid expectations that US sanctions on Iran might start to ease in the upcoming months and after the presidential elections in the country.
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