The Iranian rial rose to its highest level in 6 weeks,...

The Iranian rial rose to its highest level in 6 weeks,...
The Iranian rial rose to its highest level in 6 weeks,...

The unstable Iranian rial rose to its highest level in six weeks against the US dollar on Saturday, supported by the central bank’s injection of funds, and hopes of easing US sanctions after a possible victory for Joe. Biden In the presidential election.

The foreign exchange website stated that the dollar is being sold at about 268,000 riyals in the informal market, down from 281,000 riyals on Friday. The website of Dunia Al-Eqtisad newspaper also indicated that the price of the dollar amounted to 268 thousand riyals, down 12 thousand riyals from Friday.

Iranian media quoted analysts as saying that the riyal rose in part in the hope that the Democratic candidate Biden, who may limit the sanctions that have crippled the Iranian economy, will win against Republican President Donald .

However, the Iranian riyal lost about 50% of its value in 2020 due to the economic impact of US sanctions and the Corona virus pandemic in Iran, which has recorded the highest number of deaths from Covid-19 in the Middle East.

“If Biden is elected, this may create a psychological atmosphere that may lead to a rapid decline in the (dollar) price, but I think this decline will be temporary,” analyst Sohrab Ashrafi told the website.

The Central Bank of Iran said on its website on Thursday that it had pumped an average of $ 70 million per day into the currency market in the previous seven days.

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