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Iran's Rial Crashes to Record Low as Dollar Tops 2.5M Rials
(MENAFN) Iran's rial plunged to an all-time low against the US dollar on Tuesday, with the free-market rate breaching the 2.5 million rials threshold for the first time.
The dollar was quoted at 2.542 million rials, a jump of 3.84% from the previous day, according to Pashizi, a website that tracks Iran's free foreign exchange market. The greenback touched an intraday peak of 2.548 million rials.
Record after record
The drop extends a run of successive record lows for the currency. On Monday, the dollar hit 2.4 million rials in the free market, as punishing US sanctions and high inflation continued to weigh on the economy.
War and blockade
The rial has weakened further since the US-Israeli assault began in February. The war and a US naval blockade have piled additional pressure on Iran's economy.
The slide comes as mediators work with Washington and Tehran on talks aimed at reopening the Strait of Hormuz.
The dollar was quoted at 2.542 million rials, a jump of 3.84% from the previous day, according to Pashizi, a website that tracks Iran's free foreign exchange market. The greenback touched an intraday peak of 2.548 million rials.
Record after record
The drop extends a run of successive record lows for the currency. On Monday, the dollar hit 2.4 million rials in the free market, as punishing US sanctions and high inflation continued to weigh on the economy.
War and blockade
The rial has weakened further since the US-Israeli assault began in February. The war and a US naval blockade have piled additional pressure on Iran's economy.
The slide comes as mediators work with Washington and Tehran on talks aimed at reopening the Strait of Hormuz.
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