Currencies
Iran’s Currency Has Dived 18% Since Anti-Government Protests Started
- Tehran more isolated over Russia support and protest crackdown
- Inflation and instability spur surge in demand for US dollar
Iranian rial banknotes
Photographer: Atta Kenare/AFP/Getty ImagesThis article is for subscribers only.
Iran’s currency weakened to a record low on the unregulated market as investors scrambled to buy dollars after more sanctions were imposed on the country because of its support for Russia and a deadly crackdown on protests.
The rial slumped to an average of 384,000 to the US dollar on Tuesday, the highest level ever recorded, according to two traders in Tehran and a local website that monitors foreign currency rates.