Iranian Rial Hits New Low as Central Bank Injects $2 Billion Amid Sanctions and Blockade

The Iranian rial has hit a new low as the central bank injects up to $2 billion into the market to support the currency. The US dollar was sold for around 2.688 million rials on Saturday, a significant increase from the previous day's rate of 2.632 million.

This move comes as Iran faces severe economic challenges due to US sanctions and a naval blockade that has cut off its oil exports, a major source of revenue. The inflation rate in Iran is over 70 percent, making life increasingly difficult for ordinary citizens who are struggling to afford basic necessities like food and rent.

Mehdi Darabi, an aide to the central bank's governor on foreign exchange affairs, attributed the decline of the rial partly to false predictions by US officials that the Iranian economy is about to collapse. He stated that the enemy is using this to affect the exchange rate of our currency.