Iran Currency Recovers from Sharp Drop
Iran's currency, the rial, rebounded strongly on Tuesday, recovering completely from a dramatic 12-percent drop the day before, according to money changers and media.
The rial was trading at 15,900 to the U.S. dollar in the afternoon after it reached 17,000 against the greenback on Monday -- a record low for the Iranian currency.
Officials gave no explanation for the volatility.
Foreign ministry spokesman Ramin Mehmanparast told reporters on Tuesday that the drop the day before "definitely has nothing to with sanctions."
U.S. and other Western sanctions have been imposed on Iran's economy over the Islamic republic's disputed nuclear program.
U.S. President Barack Obama added to those measures at the weekend when he signed into law additional sanctions targeting Iran's central bank and financial sector.
Iranian economic experts have been called to a meeting at the central bank on Wednesday to address the issue of the rial's volatility, according to Mehmanparast.
Source: Associated Press
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