Iranian currency appreciates sharply

On Saturday, March 21, the Iranian currency, the rial, rose sharply, reflecting market bets that the U.S. exemption from Iranian oil sales would bring foreign exchange inflows. The rial rose 6.7% to 1.559 million against the U.S. dollar after the U.S. Treasury Department decided to temporarily lift restrictions on Iranian crude oil already in transit. Mustafa Pakzadeh, chairman of Pakzadeh, which advises companies on Iran's geopolitics, said the rial has been devaluing since the outbreak of the war, and this is the first time it has risen significantly. (Wall Street Journal)