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.