Moderate’s win in Iran elections boosts economy

Iran’s stock exchange is climbing for the second day following the surprise election of a reformist-backed president.

The rise came after a night of a celebration in Tehran, with cars honking and music blaring.

State television showed people celebrating the victory of Hasan Rowhani and rebroadcast a speech he made after his victory was announced on Saturday, asserting Iran’s readiness to improve its ties with the world.

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The website of the Tehran Stock Exchange said the market had jumped 837 points by mid-morning on Sunday. Iran’s national currency, the rial, strengthened by nine per cent against the dollar.

Mr Rowhani obtained more than 50 per cent of more than 36 million votes cast in Friday’s election. Mr Rowhani was the lone moderate candidate in a race dominated by Tehran’s ruling hardline clerics.

Mr Rowhani’s conservative and hard-line opponents were left trailing far behind the moderate.