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Market move● Neutral for Indian equities
2.5 Million Rials = 1 Dollar: Iran's Currency Hits Fresh Record Low Amid Mediators' Push For US Truce
The brief
- Iran's rial hit a record low of 2.5 million rials per dollar amid indirect US talks
- Talks concern reopening the Strait of Hormuz
- Jaishankar Warns Of 'Major Food Crisis' In Coming Months Amid Disrupted Grain Shipments, Fertilizers Shortage, Super El Nino
- Iran issues new threat against Gulf oil trade
- Higher outflow from Hormuz could unwind premiums; oil may correct by 10-15%
- Energy security measures could offset up to 70% of Hormuz oil flows in future disruption: McKinsey
- U.S., Iran hold separate mediator talks as Mideast oil exports hit war-time high