Iran's battered currency, the rial, was in a freefall on Saturday, hitting a historic low of more than 360,000 against the US dollar amid continuing protests.
The Iranian currency fell almost 20,000 points after the Friday weekend, from around 340,000 on Thursday to 360,000 when the markets reopened on Saturday.
By evening, the rial made slight gains in what could have been a central bank intervention, but the fate of the currency remains bleak.
It is not clear how much foreign currency the government has injected into the market since the first week of September when the rial began to fall.
There have been unconfirmed reports that people associated with the government have been sending their capital out of the country as protests show no signs of stopping.
The freefall in the exchange value of the rial signals insufficient CBI resources to effectively intervene in the market.
The unprecedented currency crisis will have a direct impact on inflation and especially food prices, which can lead to more people joining the protests and severely destabilizing the government. »
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