IRR: Steady Depreciation Ahead

Our near-term outlook for the Iranian rial is bearish. Although the currency recovered from a major sell-off in June, we foresee a general depreciatory trend for the unit in the near term. Trading at IRR10,573/US$ on July 7, we have set a short-term target for the rial at the IRR10,700/US$ level. Against the euro, we expect the rial to head to IRR15,300/EUR (compared to IRR15,122/EUR currently) in the near term.

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