Arab Today, arab today iran\s rial dives 6 to record low
Last Updated : GMT 18:15:42
Arab Today, arab today
Arab Today, arab today

Iran\'s rial dives 6% to record low

Arab Today, arab today

Arab Today, arab today Iran\'s rial dives 6% to record low

Tehran - AFP

Iran\'s currency, the rial, dived six percent to a new low of around 28,600 to the dollar in open trading on Saturday, deepening a month-long sell-off, according to exchange tracking websites. The new rate was sharply lower than the 26,900 rials per dollar fetched on Thursday, the last day of trading. The plunge -- and a steep rise in the price of gold bought in Iran -- suggested Iranian families and companies were rushing to convert their money to dollars, other foreign currency and precious metals because of economic uncertainty. The rial has lost over 60 percent of its value since the end of last year, as draconian Western economic sanctions take effect. That has spurred already high inflation to even greater heights, with food costs soaring more than 50 percent. Speculation of military action against Iran by Israel, with or without the help of its ally the United States, has grown in the past couple of months. Israeli Prime Minister Benjamin Netanyahu, in a speech Thursday to the UN General Assembly, implied action would have to be taken against Iran before the middle of 2013 if it continues with its nuclear activities at the current rate. Iran, which denies Israeli and US allegations that it has nuclear weapons ambitions, has made some efforts to mitigate the weakening of the rial, but to little durable effect. The head of Iran\'s central bank, Mahmoud Bahmani, predicted on Saturday that the rial\'s slide would be halted once the market realised the country \"has enough (foreign) currency in reserve.\" Iran was estimated to have up to $100 billion in foreign reserves at the end of last year, earned from record prices on its oil exports. This week Iran opened an \"exchange centre\" which puts importers and exporters in touch which each other to arrange informal swaps of currency aimed at skirting US financial restrictions that curb the ability to repatriate money to Iran.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today iran\s rial dives 6 to record low Arab Today, arab today iran\s rial dives 6 to record low

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 12:06 2017 Sunday ,26 February

Britain banks on robots, AI to boost growth

GMT 12:00 2017 Sunday ,26 February

China to allow more IPOs to attract capital

GMT 06:31 2017 Sunday ,26 February

Consumer prices up in Canada

GMT 06:15 2017 Sunday ,26 February

Tsipras: Era of austerity is over

GMT 00:18 2017 Sunday ,26 February

How to make your money last as long as you do
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday