Currency, Gold on the Upside in Tehran Markets

Currency and gold prices rallied on Saturday in Tehran after official markets were closed for two days due to religious holidays.
The dollar briefly rebounded to 230,000 rials before retreating slightly in the late hours to close at 229,000 rials, positing more than 2.5% gain.
Iran’s forex market has seen more volatility in the past two weeks. The American currency declined sharply in the week ending May 7, plunging to as low as 215,000 rials and losing more than 6% in one week.
The greenback began to climb in the middle of last week and pared close to 5% of earlier losses. The declining trend was buoyed by progress in the ongoing negotiations in Vienna  between Iran and signatories of the historic 2015 nuclear deal aimed at reviving the accord that was abandoned by former US president Donald Trump in 2018.