Tehran: The positive effects of the restoration of relations between Saudi Arabia and Iran in the past few days have started to emerge in the form of an increase in the price of the Iranian Rial.
Yesterday, the Iranian Rial recovered some of its recent losses, with the Iranian Rial gaining more than 6 percent on Friday after Iran and Saudi Arabia agreed to resume diplomatic ties.
A foreign news agency According to the report After the restoration of relations with Saudi Arabia, the Iranian rial became more expensive by 6%, the value of the rial against the dollar was recorded at 447 thousand in the unofficial free market.
Foreign exchange website "”Bonbast.com” reported that the value of Riyal was recorded at 447,000 against the dollar on Saturday in the unofficial free market, compared to 477,000 on Friday.
The rial hit a record low of 601,500 against the dollar in late February, but the Iranian rial rallied in March after a visit to Tehran by the head of the UN’s International Atomic Energy Agency eased tensions over Iran’s nuclear program. I was quick.
With the annual inflation rate exceeding 50 percent, Iranian people are trying to preserve the value of their savings by buying foreign currency or gold. The rial has lost about 30 percent of its value since nationwide protests began in September.