Iran central bank warns currency buyers as rial falls to record low

Iran’s central bank warned on Sunday that buying foreign currency at high prices could be risky after the rial fell to a record low on the open market, with one US dollar trading at 1.87 million rials.

“If expectations are adjusted, supply increases or the central bank makes targeted intervention, there is a possibility that prices will return and buyers at high rates will suffer losses,” the central bank said.

The rial also weakened to 2.23 million against the euro and 2.58 million against the British pound.