Reports from Tehran indicate the Iranian currency is gaining in value following its sharp decline over the past two years.
Reports indicate that the dollar is now being traded below 30,000 rials while only a week ago it was trading at 32,000 rials.
The dollar was reportedly trading at 29,500 rials on Saturday September 21, and other foreign currencies were also trading at significantly lower rates.
The head of the Association of Exchange Bureaus speculated that the drop in the rates was due to high expectations surrounding the Iranian president’s visit to New York and the potential easing of international tensions faced by the country.
The international sanctions on Iran have sorely affected the national currency, driving it down to one third of its previous value in the past two years.
The price of gold in Iran has also been dropping in the past week, again in view of the optimistic predictions for political and economic developments heralded by the new administration.