Iranian rial hits record low; dealers stop trading dollar:
"The Iranian rial hit a record low against the US dollar for the second time in two months over concerns about Iran’s economy, rattling businesses and prompting some currency dealers to suspend trading. The rial fell to a record low of 57,000 against the dollar by late afternoon on the unregulated currency market, according to the semiofficial Iranian Students’ News Agency. Several foreign-exchange dealers announced they had stopped selling both dollars and euros by late afternoon trade, according to ISNA. The greenback first breached 50,000 Iranian rials in February. Authorities arrested scores of traders whom it blamed for deliberately driving the devaluation in order to profit from it. The Central Bank sought to stabilise the currency by issuing a bond and temporarily allowed banks to increase rates on deposits in an attempt to draw investors away from the dollar."
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