Economy, Business And Markets

Currencies Rally Against Rial

Currencies Rally Against RialCurrencies Rally Against Rial

Foreign currencies rallied against the rial on Sunday as the uncertainty surrounding sanctions relief following the nuclear deal between Iran and P5+1—US, Britain, France, Russia, China and Germany—continued. The US dollar surged 1.26% to 32,980 rials by 1120 GMT in Tehran. The greenback broke above the 33,000 rial mark and hit a two-week high of 33,180 rials at 0800 GMT but failed to hold on to its gains as traders sold dollars to lock in profits. Developments surrounding the historic nuclear deal in Iran and the US have made investors cautious and risk averse, increasing downward pressure on the rial. All other currencies gained against the rial, with the exception of the New Zealand dollar. The Danish Krone and Turkish lira both rose over 0.8% to 4,040 rials and 12,450 rials, respectively. But the most gains went to the Hong Kong dollar that soared 3.53% to 4,400 rials on Saturday.