The Iranian rial rose to a two-year high against the dollar Monday, thanks to a growing windfall from high oil prices, the Gulf News reported Tuesday.
Local currency traders were quoted by the daily as saying that "the rial closed at 7,900 to the dollar yesterday (Monday) from 8,100 rials a week earlier. The rial had been steadily gaining ground against the dollar in the past week."
Stronger crude prices, hovering at over $30 a barrel have generated some $10 billion in surplus revenue for Iran, the second largest producer within the Organization of the Petroleum Exporting Countries (Opec).
The government has exchanged billions of dollars in hard cash on the country's illegal but active black market, a move that has boosted the rial against major foreign currencies, according to the paper -- Albawaba.com
© 2000 Al Bawaba (www.albawaba.com)