Foreign exchange rates jumped again on Saturday in Tehran's unofficial market to continue on the upward trajectory seen for months.
The US dollar shot up by 4.22% to buy 433,300 rials on Saturday. On Thursday it was worth 415,000 rials, down 0.61% on the previous day's close, Eghtesadnews website reported.
Currency rates have scaled to historic highs over the past several months as the rial tanks and people hunt for safe havens to protect what is left of their hard-earned savings.
Melli Exchange and other bank-affiliated moneychangers tagged the dollar at 436,320 rials on Saturday, up 3.93%. These moneychangers are seen as the central bank’s “arms for controlling rates”.