Iran clamps down on market in drive to rescue rial from record lows | Reuters

Iran clamps down on market in drive to rescue rial from record lows | Reuters:

Iran’s rial rose on Tuesday as authorities in Tehran sold U.S. dollars and clamped down on unofficial foreign exchange trade in a drive to rescue the currency from record lows hit because of U.S. economic sanctions, traders said.

The rial traded at 147,000 to the dollar in the unofficial market, up from 156,500 on Monday and a record low of 190,000 reached last Wednesday, according to foreign exchange website Bonbast.com.

The currency’s slide, from levels around 43,000 at the end of last year, has eroded the value of ordinary Iranians’ savings, triggering panic buying of dollars.