Iranian Rial Plunges to Record Low as Dollar Nears 2.7 Million
TEHRAN, Oct 4: Iran’s currency continued to weaken against major foreign currencies on Sunday, with the US dollar reportedly rising above 2.7 million rials on the country’s free market, adding to mounting pressure on the economy.
The euro traded at approximately 3.02 million rials, while the British pound reached around 3.56 million rials and the UAE dirham stood at about 739,000 rials, according to Iran International.
The latest depreciation extends a sharp decline in the rial amid US sanctions, restrictions on Iranian oil exports and the economic costs of the conflict with the United States.
Reuters reported on Saturday that the dollar was trading at around 2.688 million rials, while Iran’s central bank had announced plans to sell up to $2 billion through state banks in an effort to support the currency.