Currency, Gold Jump Amid Oil Uncertainty

Major currencies gained against the rial Wednesday with the USD heading upward after breaking past 160,000 rials.
It was traded as high as 162,400 rials at Tehran’s open market up 2,400 rials compared to Tuesday. The greenback has gained more than 4% against the rial since the beginning of business week on Saturday.  
The euro hiked about 2.5% to 176,500 rials and the UK pound sterling soared to 199,000 rials, up from 195,000 rials a session earlier. 
Rates at the Central Bank of Iran-affiliated moneychangers were slightly lower. The dollar fetched 155,000 rials in these bureaus, 1% higher than the price on Tuesday, according to the Tehran Gold and Jewelry Union website. 
Market observers say the spikes in currency prices are largely due to carnage of crude oil prices, which apparently has given rise to renewed demand for foreign currencies.