Iranian rial at new low, as cenbank sells dollars to support currency

Iran's rial continued its decline on Saturday, as the central bank announced an injection of up to $2 billion to support the currency while the economy faces US sanctions and a naval blockade.



The US dollar was sold around 2.688 million rials, up from 2.632 million on Friday, according to free-market tracking website bon-bast.com, while alanchand.com reported 2.695 million rials per dollar.



State television said state banks began selling up to $2 billion to support the currency, which has lost more than half of its value in the past year.



With an inflation rate of more than 70%, life is becoming ever tougher for ordinary citizens unable to afford basic necessities or rent as a US blockade cuts the state's financial lifeline – oil exports.



Many Iranians seeking safe havens for their savings have been buying dollars, other hard currencies or gold.