Apr 10, 2018

Iran took the drastic step of fixing the rate of its currency against the dollar on Tuesday in a bid to arrest a slide that has seen it fall by a third in six months.

The rial has reached a series of record-lows in recent weeks, and stood at 58,650 to the dollar at the close of business on Monday, driven mostly by speculation that the United States would pull out of the nuclear deal with Iran next month.

After an emergency session of the government on Monday night, Vice-President Eshagh Jahangiri said the rate would be capped at 42,000 rials to the dollar and foreign exchange offices would be brought under the control of the central bank.

"Unfortunately in recent days, incidents have happened in the rate of foreign currency which have caused concern for the pe

ople," he said in comments on the state broadcaster.