Iran General NewsIran's rial holding after slight weekend rebound

Iran’s rial holding after slight weekend rebound

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AP: The plunge of Iran’s currency appears to be slowing as the rial is holding at its rebound level for the third straight day. The Associated Press

TEHRAN, Iran (AP) — The plunge of Iran’s currency appears to be slowing as the rial is holding at its rebound level for the third straight day.

Street traders say the rial traded on Monday between 29,000 to 32,000 to the dollar.

That is unchanged compared to Saturday, the first day of the working week in Iran, when it rebounded from record lows.

Iran’s rial lost nearly 40 percent of its value against the U.S. dollar in a week last Tuesday, when it reached 35,500 rials to the dollar. That compares to early 2011 when it was close to 10,000 rials to the dollar.

Exchange houses were open Monday but little transaction was under way.

The collapse is blamed on government mismanagement and the impact of Western sanctions imposed over Iran’s suspect nuclear program.

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