Iran’s rial continued its decline on Saturday, as the central bank announced an injection of up to $2 billion to support the currency while the economy faces US sanctions and a naval blockade.
The US dollar was sold around 2.688 million rials, up from 2.632 million on Friday, according to free-market tracking website bon-bast.com, while alanchand.com reported 2.695 million rials per dollar.
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State television said state banks began selling up to $2 billion to support the currency, which has lost more than half of its value in the past year.
With an inflation rate of more than 70%, life is becoming ever tougher for ordinary citizens unable to afford basic necessities or rent as a US blockade cuts the state’s financial lifeline – oil exports.
Many Iranians seeking safe havens for their savings have been buying dollars, other hard currencies or gold.
Mehdi Darabi, an aide to the central bank’s governor on foreign exchange affairs, blamed the decline of the rial partly on what he said were false predictions by US officials of the collapse of the Iranian economy.
Original Article
Iran’s rial hits fresh low as $2 billion currency intervention fails to stem slide
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