Iran's Rial Plummets as Central Bank Injects $2 Billion

The Iranian rial has hit a new low as the country's central bank injects up to $2 billion into the market. The US dollar was selling for around 2.688 million rials, according to free-market tracking website bon-bast.com, while alanchand.com reported 2.695 million rials per dollar.

The decline in the rial's value comes as Iran faces severe economic sanctions and a naval blockade that has cut off its main source of revenue: oil exports. The inflation rate is over 70 percent, making life increasingly difficult for ordinary citizens who struggle to afford basic necessities like food and rent.

Many Iranians are seeking safe havens for their savings by buying dollars, other hard currencies, or gold. State banks have begun selling up to $2 billion in support of the currency, which has lost more than half its value in the past year.