Iranian riyal falls further against dollar

FILE - In this Thursday, Oct. 30, 2008 file photo, an Iranian money changer holds currency with Ayatollah Ruhollah Khomeini's image in Tehran, Iran. (AP Photo/Hasan Sarbakhshian, File)

DUBAI: Iran’s riyal continued falling against the U.S. dollar in free market dealings Tuesday as traders anticipated a devaluation of the official exchange rate, media said.

The currency dropped to about 22,300 riyals versus the dollar, Iran’s Mehr News Agency reported.

Persian-language currency tracking website Mesghal said the rate was about 21,850.

Monday, the riyal had tumbled to around 21,510 from its Sunday level of 20,440 after the central bank said it would change the currency’s official exchange rate, prompting fears of another devaluation.

Central bank governor Mahmoud Bahmani said he would announce a change to the government’s “reference rate” of 12,260 riyals to the dollar “within the next 10 days.”

A number of Iranian media outlets speculated that new reference rate might be between 15,000 and 16,000 riyals.

A version of this article appeared in the print edition of The Daily Star on August 08, 2012, on page 5.




Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (

comments powered by Disqus



Interested in knowing more about this story?

Click here