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Iran: Rial Higher as Investors Await US Election Result

Rial Higher as Investors Await US Election Result Rial Higher as Investors Await US Election Result

Foreign exchange rates plunged in Iran’s currency market on Thursday amid nervousness over the fate of the US presidential election. 
Panic-selling was reported as initial results of the  presidential election showed Joe Biden was drawing closer to victory, sending the US dollar to as low as 263,000 rials in the early hours of trade in Tehran’s open market. 
The greenback recovered slightly later and closed at 272,000 rials, down 23,000 rials or 9% compared to the earlier session. 

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