Iran’s Rial Rises against Dollar
The Iranian currency, rial, is bouncing back against US dollar which has started to nosedive since Monday evening as people have flocked to money exchange markets to exchange their dollars for rial.
A downward trend in the price of foreign currencies in Iran has pushed down the value of dollar in the unofficial market by almost 50 percent in less than 24 hours.
The value of US dollar had hit record highs in Iran, reaching 190,000 rials, but it was being offered for as much as 80,000 rials in some Iranian cities on Tuesday morning.
The rising value of rial has made people rush to exchange their foreign bank notes for Iranian money.
The price of “Spring of Freedom” gold coin, minted by the Central Bank of Iran, has also begun to dwindle.
Foreign currency values began to rise in Iran after the US withdrew from the 2015 Iran nuclear deal in May and announced plans for a fresh wave of sanctions against the Islamic Republic.
There was growing demand for dollars among ordinary Iranians, who feared more plunge in the value of their assets and growing price of goods, even those not imported from abroad.
source: Tasnim News Agency
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
