Iranian Rial surges as ceasefire with Israel takes effect
Shafaq News/ The US dollar recorded a sharp decline in Iran's free market on Tuesday, coinciding with the implementation of a ceasefire between Iran and Israel after nearly two weeks of unprecedented military escalation.
According to local market indicators, the dollar dropped by 8,200 tomans, equivalent to 9.69%, settling at 84,600 tomans, down from 92,800 tomans at Monday’s close.
This marks the steepest single-day drop in months. The dollar peaked at 91,750 tomans and hit a low of 84,300 tomans over the past 24 hours.
The sudden decline reflects a degree of market relief following Iran’s announcement that it would adhere to the ceasefire agreement—conditional on Israel halting its airstrikes—amid ongoing regional and international mediation efforts to de-escalate tensions.
Data also showed a 6.31% decline in the dollar’s value compared to last week. However, the greenback remains about 5.55% higher than six months ago, underscoring the volatility of Iran’s currency market amid sanctions and security instability.
