The parity rate of the Iranian currency rial against the US dollar weakened by 0.3 basis points at 1230 GMT on Monday. The dollar was traded at 34,090 rials in the morning hours but its value reached 33,770 rials later at 16:30 local time, data available on the Gem and Jewelers Union’s website show. The rial appears to have entered a new phase in recent weeks as it has been losing ground to major foreign currencies. On Aug. 1, the dollar’s value in Tehran’s foreign exchange market was 33,140 rials. Depreciation of the rial comes despite the bulk of economists expecting national currency’s appreciation as a result of sanctions relief and the possible return of Iran’s funds frozen overseas. The euro also gained value, reaching 38,430 rials at 1230 GMT, 0.6% up from the previous trading day.
