Rial settles 5.6% up

Financial Tribune – Iran’s national currency pared more of earlier losses on Thursday, gaining 5.6% against the dollar in two days after tanking to all-time lows on Tuesday.

The US dollar had gained 13% against the rial during eight consecutive rallies reaching a record high of 205,000 rials on Tuesday.

It lost ground to 191,000 rials on Thursday thanks to massive hard currency injection by the Central Bank of Iran.

Following long periods of turmoil in the foreign exchange market, the CBI was reportedly forced to intervene through its affiliate moneychangers to control rates going up without pause .