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Iranian Rial Rallies After 12% Decline Yesterday, Fars Reports

Iran’s rial rallied after a 12 percent drop yesterday, trading at 15,850 to the U.S. dollar in street markets late today after reaching 17,800 yesterday, the state-run Fars news agency reported.

The decline in the value of the rial has nothing to do with the new sanctions instituted by the U.S. on Iran’s central bank, Governor Mahmoud Bahmani said, according to a separate Fars report.

U.S. President Barack Obama on Dec. 31 signed into law measures that deny access to the U.S. financial system to any foreign bank that conducts business with the Central Bank of Iran.

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