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Iran currency falls as nuclear talks seem to hit roadblock -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: An Iraqi vendor checks Iranian rials as he passes by a currency exchange in Baghdad. August 8, 2018. REUTERS/Khalid Al-Mousily

DUBAI, (Reuters) – The Iranian rial currency dropped on Saturday. However it remained well above historical lows following news that the talks to revive the 2015 Iran Nuclear Agreement may be in trouble.

Direct talks between the U.S., Iran and European leaders on preserving 2015 Iran nuke deal were suspended on Friday. They will resume next week. European officials voiced dismay at Iran’s new hardline government’s broad demands. Washington claimed that Tehran was “not serious”.

According to Bonbast.com foreign exchange website, Iran saw the U.S. dollars sell for up to 302,200 rials (up from 294,000 Friday).

The economic news site eghtesadnews.com stated that the market had suffered a “first shock” from the talks on the nuclear deal. According to it, the dollar gained 6 000 rials, or 299 500, before rising over 300,000 Saturday.

As a result of a fall in oil prices and U.S. sanctions, October 2020 saw the record breaking rial exchange rate drop to about 320,000 per dollar.

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