Iranian rial at new low, as cenbank sells dollars to support currency

Iran's rial continued its decline on Saturday, as the central bank announced an injection of up to $2 billion to support the currency while the economy faces US sanctions and a naval blockade. The US dollar was sold at around 2.688 million rials, up from 2.632 million on Friday, according to free-market tracking website bon-bast.com, while alanchand.com reported 2.695 million rials per dollar. State television said state banks began selling up to $2 billion to support the currency, which has lost more than half of its value in the past year.