Iran's Rial Tumbles Ahead of U.S. Sanctions, Dozens Arrested - Bloomberg

Iran's Rial Tumbles Ahead of U.S. Sanctions, Dozens Arrested - Bloomberg:

Iran’s rial tumbled to another historic low, resisting government efforts to shore up the economy as the restoration of U.S. sanctions looms.

In an effort to signal they’re taking action to fight profiteering and cushion the blow of the U.S. economic offensive, authorities have rounded up more than two dozen merchants who they say exploited government currency measures for personal gain.

Iran’s national currency, whose yearlong depreciation has gained momentum in recent weeks, set a new low this week against the dollar, trading on average at 112,000 rials on the black market on Monday, the Iranian Labour News Agency reported, from around 90,000 last week. The rial has also weakened against the euro.