Rial Takes a New Dive

The US dollar made one more leap on Saturday extending a rally that has lasted for seven successive sessions. The greenback strengthened close to 5% against the rial in Tehran’s open market, adding 12,000 rials in one day to 252,000 rials. 
One euro was worth 285,000 rials, up 15,000 rials, or 5.5% daily and the UK pound sterling jumped to 310,000 rials. 
Iran’s forex market is facing unseen demand in the past several months. High and rising demand aside, observers see a supply crunch reportedly due to the pattern of decline in Iran’s forex revenue.