Rial bashing continues

Financial Tribune – Iranian rial hit new lows against major currencies on Tuesday with the US dollar breaking above the psychological 200,000 rials.

After tumbling near the critical level a day earlier, the greenback broke through the resistance level closing at 201,700 rials at Tehran’s open market, marking the highest ever depreciation of the national currency. The dollar was traded as high as 204,700 rials during the trading session.

Other currencies followed suit. One euro fetched 226,000 rials, up more than 2% compared to Monday’s close. The UK pound sterling rose 8,000 rials to 250,000 rials. The UAE dirham was worth 56,850 rials.