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Iran’s Rial Gains After Trump Dials Back Escalated Rhetoric

Iran’s rial rebounded from a series of record lows on Tuesday, after President Donald Trump said he would talk to Iran without preconditions and Iranian officials appeared not to immediately dismiss the idea.

The dollar was trading at around 104,000 rials on the black market in late afternoon, from around 117,000 rials the day before, the semi-official Iranian Students’ News Agency reported, citing traders in Tehran.

Trump on Monday toned down the heightened rhetoric that has characterized exchanges between Tehran and Washington since the U.S. withdrew from an international nuclear pact with Iran in May. The U.S. president said he’d be willing to meet his Iranian counterpart, Hassan Rouhani, and other Iranian leaders without preconditions “anytime they want to.”

U.S. officials later appeared to walk back those comments, saying Iran must downgrade its military ambitions and involvement in regional affairs for talks to talk place.