The Iranian rial weakened Wednesday, trading at around 1.8 million to the dollar, after President Trump's statements regarding the future of the US-Iran memorandum of understanding, according to Abu Ali Express. The currency was trading at 1.75 million to the dollar on Tuesday.
The Iranian rial weakened further on Wednesday, trading at around 1.8 million to the dollar, according to financial data tracked by Abu Ali Express. The decline followed statements by US President Donald Trump regarding the future of the US-Iran memorandum of understanding (MOU). The currency had traded at 1.75 million to the dollar on Tuesday.
As The Zioneer reported on July 2, the rial had already weakened to 1.77 million to the dollar earlier this month, losing about 4% in a few days. The currency has now fallen roughly 18% since the MOU was signed, when it stood at 1.52 million to the dollar. The rial's depreciation has continued despite the reopening of the Strait of Hormuz and increased Iranian oil sales following the lifting of the US blockade, as The Zioneer reported on June 28.
The exact nature of Trump's remarks and their implications for the MOU remain unclear from the available reports. The rial's slide reflects ongoing market uncertainty over the durability of the US-Iran agreement.
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