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The exchange rate of Iran's currency, the rial, drops to a historic low
Golden Finance reported that on April 29, according to the Iranian Students’ News Agency, the exchange rate of the Iranian rial against the U.S. dollar fell to a record low, and the exchange rate has now surpassed 1 U.S. dollar to 1.81 million rials. The report said that on that day, the rial-to-dollar exchange rate accelerated the downward trend that began two days earlier, falling by more than 230,000 rials. It was reported that 60 days after the outbreak of hostilities in Iran, the domestic market is relatively stable, but the rial is still experiencing significant depreciation. The report said that the main reason for the rial’s depreciation is an increase in domestic demand in Iran for major foreign currencies. The report also said that the rial has been showing a depreciation trend versus the euro as well. On the 29th, the euro-to-rial trading price broke through the level of 1 euro to 2.08 million rials. ( Xinhua News Agency )