Dollar tumbles in Iranian market amid panic selling over US election fate

Young journalists club

News ID: 49106
Publish Date: 6:50 - 06 November 2020
Friday, 06 November 2020_The American dollar has fallen by around a fifth against the Iranian rial as people flock to the markets to sell their currency savings amid fears that change of government in the United States elections might strengthen the rial.

Dollar tumbles in Iranian market amid panic selling over US election fateA report by the IRIB News on Thursday said the dollar was trading nearly 18 percent lower compared to earlier this week to sell 240,000 against the rial.

The report said panic selling came as people feared the dollar would further plunge on the first day of the Iranian week on Saturday.

“Many people have been selling their currencies since yesterday evening due to fear about further falling of the prices,” said the report while citing prices from an official currency exchange service run by the Central Bank of Iran.

However, currency price monitoring websites and social media trends suggested that the dollar had closed at 274,000 against the rial on Thursday.

The dollar’s fall in Iran come amid growing evidence that incumbent US President Donald Trump, who has been pressuring Iran economically for the past three years, has underperformed against his rival Joe Biden in the November 3 presidential elections in the US.

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