Financial Tribune - Currency rates in Tehran have been of the descending order over the past two weeks amid noticeable decline in demand and visible efforts by the Central Bank of Iran to boost the rial.

The downward trend gained momentum on Tuesday when one dollar was traded below the supportive level of 120,000 rials for the first time in the current fiscal year that started on March 21.

Each USD changed hands for 119,000 rials in later hours of trading day on Tuesday, down 3.3% compared to Monday’s close when it was traded for 123,000 rials.

The euro was worth 136,000 rials, down 5,000 rials and the UK pound sterling fetched 150,000 rials.