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

Iran's national currency, the rial, reached record lows on Saturday as the country's central bank intervened to bolster its value. The central bank announced an injection of up to $2 billion into the economy to support the rial, amid ongoing US sanctions and a naval blockade. The US dollar's exchange rate against the rial increased to approximately 2.688 million rials per dollar, up from 2.632 million rials on the previous day, according to free-market tracking websites bon-bast.com and alanchand.com.

State television reported that state banks began selling up to $2 billion to stabilize the currency, which has lost over half of its value over the past year. With an inflation rate exceeding 70 percent, the economic situation has become increasingly difficult for ordinary Iranians, who struggle to afford basic necessities or rent.

As the US blockade hampers the state's primary source of income – oil exports, many Iranians have turned to buying dollars, other hard currencies, or gold as a means of safeguarding their savings.