Central Bank of Iran steps in to support rial

Financial Tribune – The rial regained some lost territory against the US dollar on Wednesday after the Central Bank of Iran intervened through its affiliated moneychangers.

CBI’s role was conspicuous from the early hours of trade on Tuesday when its exchange bureaus first increased the currency rates only to lower it later.

With the forex volume offered by CBI moneychangers outweighing those by dealers in official markets, the former managed to take the lead and control the rates.

The greenback fell more than 5% in one day, and was traded for 132,000 rials on Wednesday, after soaring above the psychological level of 140,000 rials a day earlier.