The American dollar has fallen by around a fifth against the Iranian rial as people flock to the markets to sell their currency savings amid fears that change of government in the United States elections might strengthen the rial.
The dollar was trading nearly 18 percent lower compared to earlier this week to sell 240,000 against the rial on Saturday.
The dollar’s fall in Iran come amid growing evidence that incumbent US President Donald Trump, who has been pressuring Iran economically for the past three years, has underperformed against his rival Joe Biden in the November 3 presidential elections in the US.
Market speculators say the rial would rebound from bottom lows seen in recent months if Biden returns the US government to a 2015 international agreement on Iran’s nuclear program and lifts the sanctions imposed by Trump since 2018.