Iranian currency, the rial, continued its sharp decline on Sunday, registering a new historic low against the dollar, trading at 24,300 rials to dollar at Tehran foreign currency markets. Only yesterday, rial had hit then-historic low of 23,000 to dollar. The latest slide in rial’s value, from Saturday to Sunday, was nearly 6 percent in just 24 hours.
When President Ahmadinejad took office in 2005, the rial was traded at 9,200 to dollar. Today’s rate represents a massive devaluation of the currency, by 164 percent in less than seven years! The sharpest decline occurred this year. In January 2012, the rial was traded at 17,800 to dollar, now at 24,300, a 71 percent loss in value in less than nine months.