Al-Monitor – After months of steep falls in value, the Iranian rial enjoyed a massive rebound Oct. 1-2, rallying 30% against foreign currencies. The open market rate of the US dollar, which had jumped up to around 190,000 rials last week, settled as low as 130,000 rials on Oct. 2.
Amateur videos showed massive crowds of ordinary Iranians on the streets in Tehran and other big cities trying to find money changers who would buy their hard currency, as fears grew that the rial may weaken.
Yet, to many, the question was how the turnaround happened so fast. Hardline Kayhan daily went this the headline: “Dollar in free fall after missile attack, execution orders and suspension of FATF bill.”
The paper argued that a missile attack by the Islamic Revolutionary Guard Corps (IRGC) in the early hours of Oct. 1 targeting Islamic State positions in Syria — in retaliation for the Sept. 22 attack on a military parade in the southwestern city of Ahvaz — pushed up the value of the national currency.
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