Tehran, Dec 31 (IANS): The Iranian Intelligence Ministry has said that its forces arrested 11 people behind the recent instability in the country's foreign currency market, according to the semi-official Fars News Agency.

The Ministry on Friday added the detainees sought to "fake price" major foreign currencies through future trading and arbitrage and other activities on social media and virtual space, Xinhua news agency reported.

The Ministry said its forces also identified another 320 individuals linked with such social media channels and groups and will soon take the necessary actions against these "disruptors of the market stability".

On Thursday, the economic security police of Tehran announced the arrest of 96 illegal currency dealers in Tehran, and $118,000 were seized from them, the semi-official Tasnim news agency reported.

"The plan will continue until calm is restored to the currency market," Tasnim cited the police chief, Hedayat Bahrami, as saying.

Any purchase and sale of currency outside the authorised banks and exchange centres are prohibited, Bahrami warned.

The dollar was sold for 430,000 Iranian rials on Thursday, hitting another historic high. The rial has lost its value by about 25 per cent, compared to the market rates in September.