Iran currency surges on positive news from Iran-US talks
Iran’s currency, the rial, has gained against the US dollar and other major currencies after a first round of indirect talks between Iran and the United States aimed at sorting out issues surrounding Tehran’s nuclear program ended on a positive note on Saturday.
The rial closed Sunday at a months-long record of 850,000 against the US dollar after surging to 830,000 per greenback earlier in the day.
The currency had traded at over 1 million per US dollar earlier this week.
The surge came a day after representatives from Iran and the US held indirect talks in the Persian Gulf state of Oman to discuss the removal of US sanctions from Iran in return for curbs on Tehran’s nuclear program.
Both sides described the talks as positive while vowing to continue the negotiations next week in search of a basis for an agreement.
The semi-official ILNA news agency said in a report that the fall of the US dollar against the rial could continue in the coming days.
Other reports from Ferdowsi Street in the Iranian capital Tehran, where many money exchanges are based, said that uncertainty loomed over how much further the dollar could drop.
The price of gold also fell significantly on the positive news from the talks. Reports said each gram of gold was worth just more than 65 million rials, down from over 80 million before the talks.
That came despite the fact that international gold prices have been rising in recent days mainly because of new trade policies adopted by the US.
Reports from Tehran’s gold market showed that more people were selling their bullion assets as the price of the benchmark Bahar Azadi gold coin dropped by 100 million rials to 770 million rials on close of trade on Sunday.
Stocks also rallied on Sunday as the main index in the Tehran Stock Exchange rose by nearly 63,000 points to just over 2.9 million points.
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