Iranian Rial Plummets as Dollar Hits 2 Million Rials
The value of Iran's currency, the rial, has reached a new low after the US dollar surged to a historic high against it. The dollar is now trading at around 2 million Iranian rials, marking a gain of over 7% in less than a week. Compared to the same period last year, the dollar has more than doubled in value.
The British pound and euro have also seen significant gains against the rial, with the pound reaching approximately 2.72 million rials and the euro approaching 2.34 million rials. These figures underscore the continued pressure on Iran's currency, which has been struggling due to a combination of economic sanctions and domestic issues.
The latest exchange rates were reported in the open market, where foreign currencies have been reaching new highs in recent days. The dollar had previously been trading at around 1.865 million rials at the beginning of last week, but its value has since increased significantly.