Economy, Business And Markets

Dollar Falls as Nuclear Deal Draws Close

Dollar Falls as Nuclear Deal Draws Close Dollar Falls as Nuclear Deal Draws Close

The US dollar fell against the rial on Monday, registering the third consecutive retreat this week, as Iran and the six world powers got closer to clinching a historic nuclear deal that would bring sanctions relief in exchange for curbs on Tehran’s atomic energy program. The greenback dropped 0.57% to a four-month low of 32,344 rials by 1237 GMT, according to the Central Bank’s SENA quoting website that aggregates deals made in Iran’s bureaux de change network. Due to increased market volatility in the past weeks, currency quotes have differed from source to source and shop to shop. The Tehran Gold and Jewelers’ Union reported a 1.15% drop for the dollar to 32,250 rials, while Arzlive, a renowned quoting website, reported the US currency fell 0.43% to 32,160 rials. Contrariwise, the central bank took advantage of rial’s high demand and raised the greenback’s official exchange rate 0.11% to a historic high of 29,470 rials, further closing the gap between the market and official exchange rates in Iran’s dual exchange rate regime. The bank has signaled it will adopt a managed float six months after a deal is signed.