The death of the Iranian president shakes the Iranian currency

The death of Iranian President Ebrahim Raisi shook the Iranian currency, as it fell by more than 8 % yesterday. Yesterday, Sunday, the exchange rate of the dollar witnessed an increase against the Iranian riyal in the unofficial market against the backdrop of news about the unknown fate of Iranian President Ibrahim Raisi as a result of his helicopter crashing in East Azerbaijan province, west of the country. Since the news of the accident involving Raisi's helicopter spread, the price of the dollar began to rise from levels of 57,000 riyals per dollar to reach above 62,000 riyals in Monday morning trading after the official announcement of Raisi's death. The riyal's decline comes days after its recovery against the dollar, as the US currency's exchange rate rose against the backdrop of recent tensions with Israel to about 70,000 riyals per dollar, but it began to decline as the level of tensions decreased until it reached 57,000 riyals on Sunday morning in parallel market trading. The Iranian government h as set an official exchange rate for the dollar at 42,000 riyals to one dollar since 2018. Source: National Iraqi News Agency