(Persia Digest) – A fall in the price of the dollar on Iran’s free forex market was initiated a few days ago, falling to its lowest level today since the beginning of the Iranian New Year in March.
Persia Digest (PD) reported that the Iranian currency was severely devalued against the dollar following the US withdrawal from the 2015 JCPOA nuclear deal and the reinstatement of sanctions on Iran, inflicting much damage on the Iranian economy.
But the dollar began to decline on the Iranian forex market following rising tensions after Iran downed a US spy drone despite expectations for a price rise.
The trend continued over the last few days, reaching a bottom price of 12 thousand tomans/dollar and going on to 11 thousand tomans/dollar.
This morning’s rates are 12,050 tomans which is considered the lowest price since March.
Money exchangers are buying at 11,950 tomans.
The value of the dollar in Iran is linked to various political and economic factors. The price of gold and Emirati dirham, foreign policy, and central bank policies have the biggest impact on the value of the dollar.
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