\nIran\u2019s national currency of the rial has regained \nground after 4 days of fall which was triggered by the government\u2019s \ndecision to increase the price of subsidized gas by 50% and unsubsidized\n gas by 300% in the country.<\/p>\n\n\n\n
Aa Thursday report showed that the rial was trading 118,000 against the US dollar around noon local time in Tehran.<\/p>\n\n\n\n
The price had been obtained from currency exchange shops run by the Iranian banks, said the report.<\/p>\n\n\n\n
Other reports from the unofficial exchange market \nin downtown Tehran as well as prices seen on currency websites suggested\n the rial had closed at 119,500 against the greenback, up 4.4 percent \ncompared to prices reported on Saturday, a day after fuel price hikes \nwere announced.<\/p>\n\n\n\n
Thursday prices showed a slight surge, 0.8 percent, against rates seen late on Wednesday.<\/p>\n\n\n\n
The report said rial\u2019s rebound proved earlier \nstatements by senior government officials that gas price hikes had \u201cno \nimpact at all\u201d on foreign currency prices.<\/p>\n\n\n\n
Forex rates have become a major indicator of the \neconomic situation in Iran, particularly since the national currency \ncrashed to historic lows of 190,000 against the US dollar a year ago, \nwhen the United States prepared to impose a series of harsh sanctions \nagainst Iran.<\/p>\n\n\n\n
Many had expected that government\u2019s abrupt \ndecision early on last Friday to increase the price of gasoline could \nbadly hurt the rial and cause households to rush to the markets to sell \ntheir rial savings.<\/p>\n\n\n\n
That came after the fuel price hike caused rounds \nof protests and riots on the streets, a development many said could \nseriously affect confidence in the markets.<\/p>\n\n\n\n
The report said rial closed at 130,000 against the\n euro Thursday afternoon while currency rate websites put the price at \n132,500 later in the day.<\/p>\n\n\n\n
Last Thursday, Governor of the Central Bank of \nIran (CBI) Abdolnasser Hemmati said that the recent minor loss of the \nnational currency of rial\u2019s value against foreign exchange is a minor \nfluctuation of no concern, advising the masses not to take the market of\n foreign currencies as an investment opportunity.<\/p>\n\n\n\n
Hemmati said that \u201cnothing special\u201d had happened \nwith regard to the major indicators of the Iranian economy that could \njustify the lower price of the rial against the US dollar and other \ncurrencies.<\/p>\n\n\n\n
Earlier this month, Hemmati wrote on his Instagram page that thanks to Iran\u2019s potentials, facilities and foreign exchange reserves, relative stability will continue in Forex market.<\/p>\n\n\n\n
\nFNA\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"
Iran\u2019s national currency of the rial has regained ground after 4 days of fall which was triggered by the government\u2019s decision to increase the price of subsidized gas by 50% and unsubsidized gas by 300% in the country. Aa Thursday report showed that the rial was trading 118,000 against the US dollar around noon local […]<\/p>\n","protected":false},"author":1,"featured_media":2875,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8,6],"tags":[28,972],"yoast_head":"\n