BREAKING NEWS

Iran stocks, rial gain after nuclear talks

By REUTERS

APRIL 16, 2012 16:57

DUBAI - Iran's currency and stock market have experienced a small but much needed boost after nuclear talks between Iran and major world powers on Saturday that both sides described as positive and constructive.

The progress of the talks, although slight, helped the rial to climb, trading at 16,500 to the dollar on the open market on Monday, from nearly 19,000 two weeks ago, the semi-official Fars news agency reported on Monday.

Western diplomats say they were surprised by Iran's constructive approach in the first talks in 15 months about its controversial atomic program, but maintain that any final settlement will be long and complex.

The rial took a battering in January after US President Barack Obama announced tough new sanctions against Iran's central bank with no marked recovery by the currency since then. Increasing speculation over possible military strikes against Iran by Israel and the United States added further downward pressure.

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