Iran's Rial Sinks as Central Bank Buys Dollars

Iran's currency crisis deepened on Saturday as the rial hit new lows against the US dollar. The central bank announced it would sell up to $2 billion in dollars to support the currency, but this move may have had little immediate impact. According to free-market tracking websites, the dollar was being sold at around 2.688 million rials per unit on Saturday, a significant increase from 2.632 million on Friday.

Iran is facing severe economic challenges due to US sanctions and a naval blockade that has cut off oil exports. The inflation rate in the country has exceeded 70%, making life increasingly difficult for ordinary citizens who are struggling to afford basic necessities or rent.

Many Iranians have been seeking safe havens for their savings by buying dollars, other hard currencies, or gold. This trend is expected to continue as the economic situation in the country worsens.