Iran’s rial hits record-low 100,000 to the dollar

Iran’s currency hit a record low yesterday of 100,000 rials to the dollar amid a deepening economic crisis and the imminent return of full US sanctions, reports AFP from Tehran.

The unofficial rate stood at 102,000 rials by midday, according to Bonbast, one of the most reliable sites for tracking the Iranian currency.

The rate was confirmed by a trader who spoke on condition of anonymity to the news agency.

The rial has lost half its value against the dollar in just four months, having broken through the 50,000-mark for the first time in March.

The government attempted to fix the rate at 42,000 in April, and threatened to crackdown on black market traders.

But the trade continued with Iranians worried about a prolonged economic downturn turning to dollars as a safe way to store their savings, or as an investment in the hope the rial will continue to drop.

 

Irans rial hits record-low 100,000 to the dollar

Irans currency hit a record low yesterday of 100,000 rials to the dollar amid a deepening economic crisis and the imminent return of full US sanctions, reports AFP from Tehran. The unofficial rate stood at 102,000 rials by midday, according to Bonbast, one of the most reliable sites for tracking the Iranian currency. The rate was confirmed by a trader who spoke on condition of anonymity to the news agency. The rial has lost half its value against the dollar in just four months, having broken through the 50,000-mark for the first time in March. The government attempted to fix the rate at 42,000 in April, and threatened to crackdown on black market traders. But the trade continued with Iranians worried about a prolonged economic downturn turning to dollars as a safe way to store their savings, or as an investment in the hope the rial will continue to drop.