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

On Saturday, the Iranian rial fell to a new low against the US dollar, which was traded at approximately 2.688 million. In response to the currency's ongoing decline, the Central Bank of Iran announced an injection of up to $2 billion into the market to support the rial.

The devaluation occurs as the Iranian economy continues to struggle under the weight of international US sanctions and a naval blockade.