Iran’s Rial Strengthens on Trump Exit and Prospect of U.S. Thaw

A woman shops at a market in northern Tehran. — A woman shops at a market in northern Tehran.
Photographer: Morteza Nikoubazl/NurPhoto/Getty Images

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By Golnar Motevalli

January 20, 2021 at 4:02 PM UTC

This article is for subscribers only.

Iran’s currency strengthened to a five-month high against the dollar as Joe Biden prepared to take office with a plan to revive the 2015 nuclear deal and provide sanctions relief for the Islamic Republic.

The value of the U.S. dollar on Iran’s unregulated, open market was down to 228,000 rials on Wednesday -- giving the beleaguered rial a 17% gain against the greenback since Jan. 6, according to currency trading website Bonbast.com.