Iran Vows to Halt Currency Slump as Rial Weakens to Record
- Weak economic outlook drives currency down, slows businesses
- Traders cite lack of overseas finance, fragile nuclear deal
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Iran’s government said it will step up efforts to steady the currency after it weakened to a record, a slide that has rattled businesses and prompted some dealers to stop selling dollars and euros.
The rial, which had plunged through 50,000 rials to the dollar in February, depreciated to 60,000 on Monday on the unregulated market, according to Tasnim News agency and other reports.