Title: Iranian Rial Fluctuates After Agreement to Resume Relations with Saudi Arabia

The Iranian rial has recovered some of its recent losses, registering an increase of over six percent amid potential easing of regional tensions following the agreement between Iran and Saudi Arabia to resume diplomatic relations. The online foreign exchange site Bonbast.com indicated that the rial traded at 447,000 against the dollar in the unofficial free market on Saturday, compared to 477,000 on Friday. The website Bazaar360.com reported that "the rial price reached 446,500". A joint statement from China, Iran, and Saudi Arabia confirmed that "in response to a generous initiative from Chinese President Xi Jinping to support the development of good neighborly relations between Saudi Arabia and Iran, and based on the agreement between Xi Jinping and the leaders of Saudi Arabia and Iran, the People's Republic of China will host and facilitate talks between the two countries, reflecting their desire to resolve differences through dialogue and diplomacy within the framework of the brotherly ties that bind them."