IRR: Steady Depreciation Ahead

Our near-term outlook for the Iranian rial is neutral. The currency recovered from a short-term sell-off in September to trade at IRR10,631/US$ on October 9, and we foresee sideways trading for the unit in the near term. We have set a short-term target for the rial at IRR10,600/US$. Against the euro, we expect the rial to head to IRR14,500/EUR (compared to IRR14,385/EUR currently).

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