The rial crashed on the open market June 8. The Central Bank recognized the disaster by officially revaluing all the foreign currencies in which it trades, effectively devaluing the rial by about 10.5 percent that day.
But within days, the rial began gaining strength on the open market—and gaining strength rapidly. It isn’t clear why, though the Central Bank may be pumping millions of dollars and euros into the market to guarantee that the supply will exceed the demand.
At any rate, the turnaround is dramatic.
The euro is actually cheaper now than before the crash. On June 7, the day before the crash, the euro sold for 15,467 rials. On Tuesday, the euro sold for 15,391. In between it had been revalued at 17,180 rials.
As for the US dollar, it sold for 10,599 rials on June 7, the day before the crash, and for 10,768 rials as of Tuesday. In between, it was revalued at 11,717 rials. (See chart in currency box.)