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Dollar sinks against Iranian rial on hopes of deal in Vienna

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
The US dollar falls to a fresh low against the Iranian rail on hopes of an agreement in Vienna.

The US dollar has hit a new low against the Iranian currency rial mainly on unconfirmed reports suggesting that Iran and major powers would reach a deal in the Austrian capital to revive an international deal on the country’s nuclear program.

The dollar closed at 222,700 against the rial on Sunday, down over 4% on the day before and almost 12% lower than prices seen last month.

Market analysts said dollar’s fall would continue on speculations that there would be an imminent agreement in Vienna on the revival of the JCPOA, the nuclear deal abandoned by the United States under a previous administration in 2018.

The revival of the agreement could allow Iran to increase its oil exports while facing no restrictions on its banking system and ports operations, according to sources close to the US government which said on Saturday that Washington would lift oil, banking and ports sanctions from Iran to let Tehran resume compliance with the JCPOA.

However, unconfirmed reports published earlier on Sunday and citing Iranian sources suggested that the US might allow unfreezing of over $7 billion of Iranian funds in other countries as part of a prisoner swap deal between the two countries.

A US state department denied there was any deal whatsoever on exchange of prisoners between Tehran and Washington.

Sliding currency prices caused a drop in the value of gold in the Iranian market. The benchmark bullion Bahar Azadi declined to 94 million rials while each gram of gold was selling for 9.42 million rials on Sunday, according to price websites and local news agencies.

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