Iran’s rial rebounds after days-long drop over fuel price hike

Press TV – Iran’s rial has regained some footing after days of slide that began following a government decision to increase the price of unsubsidized gasoline by three times.

The IRNA news agency said in a Thursday report that the rial was trading 118,000 against the US dollar around noon local time in Tehran.

The price reported had been obtained from currency exchange shops run by the Iranian banks, said the report.

Other reports from the unofficial exchange market in downtown Tehran as well as prices seen on currency websites suggested the rial had closed at 119,500 against the greenback, up 4.4 percent compared to prices reported on Saturday, a day after fuel price hikes were announced.

Thursday prices showed a slight surge, 0.8 percent, against rates seen late on Wednesday.

The IRNA, which is the official government news outlet, said rial’s rebound proved earlier statements by senior government officials that gasoline price hikes had “no impact at all” on foreign currency prices.