Iran’s currency rises after presidential election

TEHRAN, Iran (AP) — Traders in Iran say the country’s currency has briefly reached its strongest level in nearly 10 months, reflecting hopes that Iran’s newly elected president might ease tensions with the West.

Iran’s rial was exchanged around 29,000 for $1 Sunday, compared to more than 36,000 before the June 14 election of Hasan Rowhani. The rial had not dipped below 30,000 since late September. Later Sunday it rose to about 31,000.

The rial has lost more than two-thirds of its value against the U.S. dollar since late 2011, partly because of sanctions over Iran’s nuclear program.

Rowhani’s election boosted hope that his promises of international outreach could bring progress in the nuclear impasse. The West fears Iran is seeking a nuclear weapon. Iran says its program is for energy and research.

WKBN 27 First News provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. No links will be permitted. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s