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Dollar falls sharply in free market as traders respond to prospects for diplomacy and lower tensions
Iran's currency has strengthened by more than 15% over the past week after Tehran and Washington reached an agreement aimed at ending the conflict between them and resolving disputes through negotiations.
The agreement has boosted sentiment in Iranian financial markets on expectations of lower geopolitical tensions and a renewed diplomatic process.
According to data from pashizi.com, which tracks Iran's free foreign exchange market, the US dollar fell to as low as 1.52 million Iranian rials on Wednesday after trading near 1.81 million rials last week.
Iran's official currency is the rial, but exchange rates in the country's free market are typically quoted in tomans. One toman equals 10 rials, meaning 152,000 tomans is equivalent to 1.52 million rials.
The rebound marks a significant recovery for Iran's currency, which had been under pressure from the costs of the war, high inflation and international sanctions.
The dollar climbed to around 1.93 million rials in March after US and Israeli attacks began on Feb. 28, reaching record highs and accelerating the depreciation of the Iranian currency.
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