A man holds Iranian rials at a currency exchange shop in Basra, Iraq, November 3, 2018. REUTERS/Essam al-Sudani
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Iran is intervening in the foreign exchange market and threatening to engineer a dramatic recovery of its rial currency, easing pressure on the oil-exporting economy as Tehran defies renewed U.S. sanctions.The Financial Tribune and some other Iranian media reported Tuesday that the rial had risen beyond 100,000 to the dollar. Rial weakness earlier this year disrupted Iran's foreign trade and helped boost annual inflation fourfold to nearly 40 percent in November.Iranian businessmen and economists contacted by Reuters said Iran's central bank was now supplying large amounts of dollars to the market -- not only inside Iran but in foreign locations where the currency is traded, particularly Iraq and Dubai.Iranian economists said the campaign against economic crimes, combined with Khamenei's order to strengthen the rial, had made many traders more wary of bidding the currency lower.
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