DUBAI: The Iranian rial bounced back from record lows to a near one-month high against the US dollar on Tuesday after the central bank said it had injected about $375 million into the market to support the troubled currency.
The dollar was selling for about 277,000 rials on the unofficial market, down from 304,500 on Monday, according to foreign exchange site Bonbast.com. The business daily Donya-e-Eqtesad's website gave the dollar rate as 288,000, down 24,000 rials from Monday.
The currency has still lost about 52% of its value in 2020 under the economic impacts of US sanctions and the coronavirus pandemic in the country, which has the highest Covid-19 death toll in the Middle East.
Tuesday's rise took the rial back to its trading level on Sept. 22, before it fell to an all-time low of around 322,000 per dollar on Oct. 15. The central bank said on its website that it had pumped $75 million into the currency market on Monday, its fifth such intervention in a week.
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