Iran engineers rial recovery as it defies U.S. sanctions | Reuters

Iran engineers rial recovery as it defies U.S. sanctions | Reuters:

Iran is intervening in the foreign exchange market and threatening speculators to engineer a dramatic recovery of its rial currency, easing pressure on the oil-exporting economy as Tehran defies renewed U.S. sanctions.

The rial jumped to 105,500 against the U.S. dollar on Wednesday from 117,000 at the end of last week - and 152,500 at the end of October, according to foreign exchange website Bonbast.com (www.bonbast.com/).

The Financial Tribune and some other Iranian media reported on Tuesday that the rial had risen beyond 100,000 to the dollar. The foreign exchange market, however, has no single, official set of prices and traders often quote slightly different levels.