Iran Currency Market: Rial firms as forex power diminishes

Financial Tribune – Foreign exchange rates are of the declining order in the final days of November thanks to a stronger presence of the Central Bank of Iran in the market and optimism that Iran will continue to sell its oil despite earlier speculations.

On Saturday the US dollar was traded for 125,000 rials, down from 126,500 rials on Thursday. The rial has pared some of its losses in recent weeks, with the USD exchange rate dropping by 15% in less than two weeks.

CBI boss Adbdolnasser Hemmati in an interview with state TV Thursday said the stability in the foreign exchange market will continue and warned the people against buying foreign currency.