Rial Weakens Further

Currency rates soared sharply in Tehran on Monday amid warnings that the prices are driven more by speculators and less by fundamental factors.
Following a period of steep volatilities, the forex market was relatively stable for two weeks before ascending from last Saturday.
The US dollar briefly touched the psychological level of 160,000 rials for the day before retreating to 158,500 rials at 15:00 p.m. local time in Tehran’s open market -- up more than 3% compared to Saturday’s close.