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Iran: Forex Rates Rise to 8-Month High

Iran: Forex Rates Rise to 8-Month High Iran: Forex Rates Rise to 8-Month High

Currency rates have been rising in Iran’s open market amid the negative psychological climate created by the ongoing political developments and investors’ uncertainty about what the future holds. 
Each US dollar, which was traded for 148,000 rials at the beginning of the week, climbed to above 150,000 rials on Tuesday and changed hands for 154,000 rials on Wednesday to hit an eight-month high. 
Each euro was traded for 173,500 and the UK pound fetched 201,000 for the day. 
The Governor of Central Bank of Iran Abdolnasser Hemmati ascribed the steep rises and the accompanying volatility to political developments, saying that economic factors should not be blamed for what is unfolding in the currency market. 

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