Rial Gains Ground as Iran-Saudi Relations Resume

The Iranian rial has made up some of the losses it has suffered in the recent period, as it recorded growth after the conclusion of an agreement between Tehran and Riyadh to restore diplomatic relations.

According to the currency website Bonbast, the rial has fixed 439 thousand against the dollar in the unofficial free market, compared to 477 thousand.

At the end of February, the Iranian rial fell to a record low of $601,500 per dollar.

However, the Iranian currency returned to growth in March of this year, after tensions around the Iranian nuclear program eased, apparently in connection with the visit of the head of the UN International Atomic Energy Agency to Iran.

It is noteworthy that since the start of mass protests in the country in September, the Iranian rial has lost about 30 percent of its value.

Riyadh and Tehran announced on Friday that they would reopen their embassies and diplomatic missions within two months and implement security and economic cooperation agreements signed more than two decades ago.

Source: “bonbast”

Related Stories

Leave a Reply