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Tehran Currency Market: Rial Rally Continues

Tehran Currency Market: Rial Rally Continues Tehran Currency Market: Rial Rally Continues

The Iranian rial continued its rally on Tuesday after weeks of depreciation had sent it to a series of record low. New gains for the national currency came unexpectedly as people rushed to exchange shops to convert their greenbacks into the local currency. 
In Tehran, money exchange shops offered 135,000 rials for one US dollar in the afternoon but the rial was also traded as low as 100,000 rials to the dollar during the day. As different rates were quoted, exchange rate websites stopped showing the USD rate and exchange bureaux suspended trade. 
The day before, the rial was selling 170,000 to $1, with prices recently going as high as 190,000.

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