Economy, Business And Markets

USD Gains New Ground

USD Gains New Ground USD Gains New Ground

US dollar once again surged against the rial in Tehran’s open market on Sunday, as the bull run for the currency continues. The rial was quoted at 40,700 to the dollar in Tehran’s currency market–the highest rate for it since early October.  The previous psychological threshold of a 40,000-rial exchange rate for the greenback seems to have been accepted by both market observers and Central Bank of Iran officials who only consider a big slide for rial as a redline.  CBI’s efforts to unify the dual exchange rates, inflammatory comments by US President Donald Trump about the Iran nuclear deal as well as the upcoming Arbaeen mourning ceremony on Nov. 9–which prompts a big wave of pilgrimage to neighboring Iraq–are all deemed reasons for the greenback’s rally. CBI fixed the official rate for USD at 34,789 on Sunday. 

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