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Iran Unifies Official and Open Market Exchange Rates as Rial Hit New Low

Iran unified the country's official and open market exchange rates, state media said, after its currency, the rial, plunged to an all-time low on Monday on concerns over a return of crippling sanctions. The U.S. dollar jumped in a day from 54,700 rials to 60,000 rials in the open market in Tehran on Monday. A dollar was worth 36,000 rials in mid-September. After an emergency cabinet meeting, Iran's First Vice President Eshaq Jahangiri was quoted by the state media as saying...

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