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Sunday's wobble in the Iranian rial – which dropped nearly 6 percent against the dollar in apparent reaction to OPEC's decision not to increase production – prompted Ali Tayebnia, Iran's economy minister, to warn against "frenzied behavior".Indeed, the Iranian leadership remains broadly united in support of the talks.Less positive for Iran, and for Rouhani's strategy, is the economic outlook under continued sanctions.For sure, this is better than the contraction in 2013 but it is under the 3 percent target set by Rouhani for March 2015 and well below the 8 percent growth envisaged in Iran's five-year plan.Crucially, the stringent 2012 U.S. and European Union banking and energy sanctions, which halved oil exports to around 1.1 million barrels a day, remain in place. And there is nothing that Iran can do about the price of oil.
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