Mubasher: The Iranian rial (IRR) regained most of its losses against the US dollar on Wednesday, as the economy faced pressures after the US re-introduced sanctions against Tehran.

The US dollar was being traded in the unofficial foreign exchange (FX) market at IRR 140,000 compared with the record trough of IRR 150,000 earlier on Wednesday, as quoted by the website Bonbast.com.

The website bazar360.com gave a rate of IRR 139,000, while Mesghal.online quoted IRR 141,940.

Previously, the currency traded against the greenback on Tuesday at IRR 138,000, from IRR 128,000 in the day earlier.

It remained unclear whether the rebound in the troubled currency came on the back of the foreign currencies injected in the market by the government, despite the Iranian central bank governor’s warning against utilising FX reserves for that end.

A raft of US sanctions against Iran, which would hit the oil-rich country’s hydrocarbon industry, is due to come into effect in early November.