Iran’s currency, the rial, rose nearly 12% on Sunday, a day after Iranian and US negotiators met in Oman in what was described as a positive step toward resolving differences over Tehran’s nuclear program.
The rial has gained around 18% in less than a week, following President Donald Trump’s April 7 announcement about the talks. After falling to 1.04 million against the US dollar, it now stands at approximately 870,000.
Since Trump withdrew from the 2015 JCPOA nuclear agreement and reimposed tough sanctions during his first term, the rial has lost about 95% of its value. Iran’s economy remains in crisis, with oil revenues sharply reduced under US sanctions.
Tehran is demanding a full lifting of sanctions, as its centrally managed and inefficient economy struggles with the international isolation imposed by US policy. With limited growth during more than four decades of clerical rule, the government remains heavily reliant on oil revenues to fund its budget.