Tehran - XINHUA
Only ten days after Iran\'s presidential election, the Iranian currency, rial, has displayed a relatively rapid gain against foreign currencies. On Monday, one U.S. dollar was traded for 31,500 rials in Tehran\'s street market, whereas, the value of a dollar was 36,000 rials before the June 14 election in which the moderate candidate, Hassan Rouhani, was voted Iran\'s next president. Currency market\'s positive response to the result of the election and a 12-percent rise of rial\'s value comes amid the hopes that the incoming president would, as he pledged in his campaign, mend the economy, curb inflation and reduce the high unemployment rate. Official figures show that inflation rose to over 30 percent and unemployment to around 15 percent in the past months, partially due to the Western unilateral sanctions against the country\'s oil exports and financial system since early 2012. Also, rial lost some two-thirds of its value against foreign currencies over the past one and half years under Western pressures. The West suspects that the Islamic republic\'s sensitive nuclear activities, \"lacking enough transparency,\" might have had military dimension. However, Iranian officials stressed that the nuclear program of the country aimed solely at civilian use. The Iranian president-elect said recently that his administration would interact with the world and show more transparency in the nuclear activities of the country. However, Rouhani did not represent an inclination to the suspension of Iran \'s high-grade uranium enrichment which is a demand by the Western powers. In the fear that any deals in prospect, over the country\'s controversial nuclear issue, might result in further depreciation of the value of foreign currencies, locals rushed to exchange centers in the past days to sell their stored golds and dollars, which in due course led to further decline of foreign currencies\' value against rial. Meanwhile, people anticipated goods markets\' positive response to the recent developments. But increase of the local currency\'s value did not result in the fall of housing and commodity prices, which had already soared to an uncontrollable level. Local analysts believe that political climate of the country, both before and after the election, and its psychological impacts on Iran\'s economy have partly redounded to fluctuation and instability in local currency market. They express hope that Rouhani\'s election would help the country\'s economy be anchored, to some extent, to the shore of stability and tranquility.