BREAKING NEWS

Iran fails to impose stronger rial rate, market frozen

By REUTERS

OCTOBER 6, 2012 15:41

DUBAI - Iran's government was locked in a test of wills with currency dealers on Saturday as it tried unsuccessfully to impose a stronger rial exchange rate, after a plunge by the currency earlier in the week triggered street protests.

Iranian news agencies reported that the government's new foreign exchange centre, used by importers of some basic goods, was selling US dollars at a rate of 25,970 rials.

The state-linked news agencies, as well as Iranian currency-tracking website Mesghal, said the rial was trading in the free market at 28,500, much stronger than levels near 37,500 early in the week.

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