Rial Makes a Comeback After Two Months of Historic Lows

The national currency declined to new lows in the face of a rising dollar on Monday but later recovered partially following intervention by exchange bureaus affiliated to the Central Bank of Iran. 
Extending a winning streak that started at the beginning of the previous week, dealers and currency traders quoted the greenback as high as 271,000 rials in Tehran’s open market in the middle of the trading session.   
The dollar declined and moved away from its historic high by about 8,000 rials to close Monday’s session at 263,000 rials, down 1.2% compared to the previous session. 
It had reached a two-month high and broke past the resistance level of 260,000 rials on Saturday, and continued to advance unabated throughout Sunday’s session to climb above 270,000 rials on Monday.