Tehran Foreign Exchange Market Off to Unprecedented New Year Start

As the curtains fell on the previous Iranian year on March 20 and the usual lull in the markets sets in during the ensuing holidays, few expected currency volatility.
However, a few days into the holidays, it emerged that the rial had slid to an all-time low against the dollar, with the exchange rate crossing the psychological threshold of 50,000 rials. 
The rally started on March 26 when the Norouz holidays officially come to an end, but many businesses and government offices remain half-closed until April 2. 
The foreign exchange volatility was not good news for the administration of President Hassan Rouhani who had hoped to put a similar but less intense turmoil that saw rial lose a quarter of its value within six months behind it.