Iran Currency Market: FX Rates Surge Amid Rising Demand

Currency rates surged in the open market in Iran following more than two weeks of bear market after demand for foreign currency rose amid expectations that the plunging forex rates had hit the bottom.   
According to prices quoted to Financial Tribune by local exchange bureaus, the US dollar went up as high as 124,700 rials in the early hours of trading on Tuesday before climbing down to 123,000 rials as of 4:00 p.m. (local time), up 2.8% compared to Monday’s close.
The FX market was mostly bearish during the calendar month to July 22 amid Central Bank of Iran’s efforts to revive the value of the flagging national currency and pull the two rates in the open market and secondary market closer. 
It appeared that CBI efforts had delivered as currency rates in Tehran hit six-month lows last week when the dollar was traded for 111,000 rials. However, this price was short-lived and the greenback quickly jumped to 114,000 rials.