Rial Enters Crisis Mode

The foreign exchange market in Iran is experiencing unprecedented highs as major currencies continue to rise against the national currency.  
In the open market the dollar was quoted at 312,000 rials on Sunday -- up 4,500 rials or 1.5% compared to Saturday’s close. It had climbed above 300,000 rials last Thursday after struggling to break past the strong resistance level for two weeks. 
The euro and pound sterling remained unchanged at 363,490 rials and 401,470 rials, respectively. The most significant hike Sunday was for the UAE dirham with 1.51% daily growth closing at 85,800 rials.