Iran's rial strengthens after implementation of nuclear accord

Major foreign currencies lost value against Iran's national currency, rial, on country's free market on January 20 following the implementation of the Geneva deal between Iran and the six world powers. According to different websites, including Mazenne, which monitors foreign currency prices, the US dollar dropped 150 rials compared to Sunday and was sold at 29,150 rials. Euro and pound also fell 300 rials and 100 rials, respectively and were priced at 39,600 rials and 48,000 rials. Iran and the G5+1 reached a nuclear agreement on Nov. 24. Iran has agreed to curb some of its nuclear activities for six months in return for sanctions relief. Both Iran and the G5+1 started implementing the agreement on Monday, January 20. Under the agreement, the six major powers agreed to give Iran access to $4.2 billion in revenues blocked overseas if it held up its end of the bargain.