Currencies
Iran Rial Tanks to Record Low as US Sanctions and Inflation Bite
A man pays using Iranian rials at a shop in Tehran.
Photographer: Atta Kenare/AFP/Getty ImagesIran’s currency depreciated to record lows against the dollar this week as multiple challenges including oil sanctions, regional tensions and spiraling inflation plague the economy.
The greenback was trading at a little under 1.3 million rials on the unregulated, open market in Tehran late on Wednesday, according to the website Bonbast and the Telegram accounts of three foreign-exchange shops in the Iranian capital. That’s just off all-time highs hit earlier in the week, the traders said.