Anticipation, pushback in Iran as mediators work to finalise deal with US

Tehran, Iran – Markets in Iran have welcomed the prospects of an interim understanding with the United States that could offer relief after more than 100 days of hostilities and tension.

The two sides on Sunday appeared close to signing the first stage of a deal – but there was also fierce last-minute pushback from hardliners inside Iran, as well as seemingly from Israel.

Iran’s national currency strengthened on Sunday, the second day of the working week in Iran, with each US dollar fetching less than 1.68 million rials in Tehran’s open market by noon.

The rial has marginally improved compared with the all-time low of 1.9 million against the greenback last month, but it has been on a downward spiral for years amid chronic inflation.

The price of gold also dropped in Iran despite the weekend freeze in international markets, with each Emami gold coin priced at about 1.71 billion rials (approximately $1,010), down by about 5 percent compared with the market opening on Saturday morning.

After a controlled reopening three weeks ago that ended a three-month shutdown, the Tehran Stock Exchange also continues to grow. The main index of the market grew by 123,000 points by the end of trading on Sunday, reaching a new all-time high of nearly 4.82 million points.

A young resident of central Tehran said that, regardless of the short-term currency and price changes, he and his family members have been resorting to buying dollars and euros whenever possible in recent months.

“Food or any of the other items that have tripled in price over weeks and months will not get any cheaper when the dollar goes down a bit,” he told Al Jazeera on Sunday.