BREAKING NEWS

Iran Central Bank bolsters rial after sanctions plunge

By REUTERS

JANUARY 4, 2012 16:19

TEHRAN - The Iranian rial strengthened by around 20 percent against the dollar on Wednesday after the central bank intervened to prop up the currency, Iranian media reported, recovering some of the sharp losses seen after imposition of new US sanctions.

The rial dropped to a record low after US President Barack Obama signed a bill imposing fresh restrictions on the country's central bank on Saturday.

The sanctions, if fully implemented, could hamper the major oil producer's ability to sell oil on international markets.

Iranian authorities have played down any link between the weakening exchange rate and the imposition of the US ban, saying necessary measures will be taken to maintain the value of the country's currency.

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