Currency Prices Drop in Iran with the Victory of Biden

Currency Prices Drop in Iran with the Victory of Biden With the victory of Biden, currency prices drop in Iran. As a result of Joe Biden's victory, the currency has lost 14 percent in the last 5 days in the country. According to the data published by "bonbast.com", which monitors the free foreign exchange market in Iran, the selling price of 1 US dollar in the free market has decreased from 29 thousand 100 rials to 24 thousand 900 rials in the last 5 days. The euro was traded from 29,565 rials. On November 3, when the US presidential elections were held, the dollar was traded in 29,100 rials and the euro in 34,110 rials. Accordingly, in Iran, where the currency has been on the rise for months, the dollar has lost 14 percent against the rial and the euro 13 percent in the last 5 days with Joe Biden becoming the president of the USA. In Iran, 1 US dollar was traded around 13,350 rials at the beginning of January. On October 1, the dollar surpassed 30 thousand rials for the first time. After the dollar in Iran rose from 4 thousand rials to 6 thousand 100 rials in April 2018, the dollar was fixed at 4 thousand 200 rials on 10 April 2018 in order to prevent the depreciation of the rial against exchange rates and the state rate and the free market rate were exchange rate had emerged. After the US administration unilaterally withdrew from the nuclear agreement called the Comprehensive Joint Action Plan (COEP) in May 2018 and brought back sanctions against Iran, foreign exchange prices in the country continued to increase.