Iranian Rial Hits Lowest Level against Dollar

The Iranian Rial (IRR) fell to an all-time low against the U.S. dollar.

The riyal has fallen by 30% since June amid heavy US sanctions imposed on Tehran. On Saturday, currency exchange shops traded the dollar at 262,000 riyals.

The riyal was trading at 256,000 to the dollar on Thursday, tumbling from 200,000 riyals to the dollar in late June, and down from 32,000 during the 2015 Tehran nuclear deal.

US sanctions have since caused a sharp decline in Iran's oil exports, the country's main source of income.

Meantime, the head of Iran's Central Bank, Abdol-Nasser Hemmati, said On Friday the government was doing its best to control the situation in the currency market.

For months, Iranian officials have warned exporters to return their earnings from abroad or face the revocation of their export licenses, and have their names published.

In June, the central bank reported that Iranian companies exported more than $40 billion in non-oil exports annually, and about 50% of it is still abroad.