BREAKING NEWS

Iranian rial rallies after 'positive' nuclear talks

By REUTERS

MARCH 4, 2013 17:59

DUBAI - Iran's currency has jumped about 9 percent against the dollar over the past two days due to government intervention and Tehran's positive view of nuclear talks last week, currency websites and Iranian media reported on Monday.

The rial traded at around 32,500-33,500 to the dollar in the free market on Monday, compared with about 36,300 on Sunday, the media reports said.

The currency lost more than half its value last year, hitting record lows, as it was battered by US and European economic sanctions on Tehran which slashed Iran's oil revenues.

The rial has regained some strength in the past week. It rose about 2 percent last Wednesday after talks on Iran's disputed nuclear program with a group of world powers, known as the P5+1, ended in Almaty, Kazakhstan with an agreement to meet again.

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