IRRJPY LONG Iranian Rial getting stronger vs Japanease YenIran’s currency hits record low amid tensions with the West
Depreciation of the rial comes amid boiling tensions with the West and continuing protests in Iran.
On Sunday, the United States dollar went past the 450,000-rial mark for the first time on the open market.
On Sunday, the central bank said it will soon raise the maximum amount of currency that can be sold to an individual annually from 2,000 euros ($2,176) to 5,000 euros ($5,439) in an apparent effort to show it has no shortage of currency.
The cap was introduced after the US unilaterally abandoned the 2015 Iran nuclear deal with world powers in 2018 and imposed harsh sanctions, triggering a new currency crisis in Iran.
To combat currency devaluation, Iran’s police force has periodically announced the arrest of dozens of currency speculators in recent months.
Japan's Finance Minister Shunichi Suzuki kept up verbal warnings on Tuesday against the yen's depreciation, saying he would respond appropriately if currency moves became excessive.
At the end the interest rates differential between 2 countries are important.
Which country offers more interest rates for your money? That currency is the winner
