Dollar surpasses 40K rials in Iranian market

Business Materials 21 December 2016 19:30 (UTC +04:00)

Tehran, Iran, Dec. 21

By Mehdi Sepahvand – Trend:

The US dollar surpassed 40,000 rials in Iran’s free currency exchange market December 21, Trend correspondent reported from Ferdowsi Square, Tehran’s exchange hub.

This comes as a new hike along an upward movement that has been going on over a year in Iran.

The dollar witnessed a low following the nuclear deal in 2015 and then when it was implemented in January 2016. However, it started to rise against the rial in the months that followed.

The US dollar experienced another jump when Donald Trump was elected as US president in November.

In the past week it jumped once more against the rial, following the US Federal Reserve’s decision to raise interest rates in the US from near zero to somewhere between 0.5 and 0.75 percent.