Rial Falls to All-Time Low

The national currency plunged to new lows on Wednesday as the dollar advanced to new record high. The greenback broke past the critical 280,000-rial level for the day in Iran’s open market and was quoted at 282,000 rials. 
It retreated slightly in the later hours to close trade at 281,000 rials, up more than 2.1%, or 6,000 rials overnight. The euro gained slightly to reach 327,000 rials, up 2,000 rials. UK’s  pound sterling recorded 0.5% rise and was worth 356,500 rials. The UAE dirham fetched 76,300 rials, up over 75,000 rials quoted as session earlier. 
Soon after the upsurge in the unofficial market, selected exchange bureaus affiliated with the Central Bank of Iran pushed up rates to avoid arbitrage.