The Iranian currency hit a record low against the dollar on Thursday, trading at 40,000 rials to a dollar in Tehran’s open markets. The previous low record was hit in October 2012 when the exchange rate sank to 37,000 rials/dollar, causing currency crisis and protests in the bazaar.
On 31 January 2012, the rial was traded at 18,500:1. Today’s plummeting of the currency to 40,000:1 means that rial has lost two-thirds of its value in one year.
Photo: Iranian currency, the rial (ISNA)