Iran Currency Crashes 9% to Record Low

Iran Currency Crashes 9% to Record Low

Iran’s currency, the rial, plunged nine percent against the dollar at the opening of trade on Monday, to a record low of 32,500 to the greenback, real-time exchange websites showed.

The freefall exacerbated a slide over this year that accelerated last month, amid heightened tensions over Iran’s nuclear programme and as the effects of “draconian” Western sanctions against the Islamic republic fed into its economy.

Minutes after the dramatic plunge was posted on websites such as Mazanex.com, the data was censored.

The Mehr news agency reported the rial trading at 32,300 to the dollar.

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