IRR: Further Weakness Expected

Our near-term outlook for the Iranian rial is bearish. The unit posted minor gains against the US dollar during Q410, but we foresee a general depreciatory trend for the unit in the near term. We have set a short-term target at the IRR10,500/US$ level, an all-time low. Against the euro, we expect the rial to head to 13,700 in the near term.

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