Currently, there is news of a change in the currency of Iran IRR (Iranian Riyal) to IRR/USD which seems that in the future in the year 2024, the Iranian Currency is going to be much stronger against USD. Because for the last 10 years, Iran and USD forex reserve, due to US Sanctions, Iran’s currency has reached almost 100,000 IRR against USD, which has caused a huge blow to Iran’s economy and forex financial system. But the amount of loss suffered by Iran is the same for Iran now in 2024, it is getting favorable investors like Russia, India, China, the European Union, and the US because currently there is a huge gain in Iran’s economy due to the Israel–Hamas war. However, we have seen that Iran’s neighboring countries now want to improve their defense, economic, or forex trades with Iran because Iran’s currency is being affected due to US Sanctions, Western sanctions, or Economic Sanctions. There are a lot of opportunities in the economy or defense.
Why Top Forex Traders Investing in Iran’s Currency (IRR) instead of USD and EUR?
And now Iran’s currency has recovered almost 3X and it seems that instead of Iran, there is going to be a lot of investment from Russia, China, and India or BRICS. At the same time, there is a war-like situation between North Korea and South Korea and Venezuela is also ready to attack Guyana, so in such a scenario, Iran is an option that can take big steps to encircle US and Israel. Now is the time to corner US, Iran may also plan to send arms to Russia, Iran, and North Korea and now the US’s focus has shifted towards South Korea where the Israel–Hamas war is going to war like Ukraine. Because now if Israel, Ukraine, and South Korea are given that military power, then Iran can become a threat to them. Although the relations between South Korea and Iran are also very good, because of the US perhaps Iran may be forced to increase its stance towards North Korea.