Iran's currency hits a record low
Iran's currency hits record low as economy struggles amid regional tensions and political unrest.
- Bilawal Riaz
- 1 min read
Iran’s currency, the rial, hit a record low of 613,500 to the dollar as Iranians celebrated the Persian New Year. Demand for foreign currency surged during the holiday period, with exchange rates affecting various markets like housing. The currency has drastically depreciated since Iran’s 2015 nuclear accord, with inflation rates conflicting between governmental sources. Economic struggles continue amid strained relations with the West and regional tensions. The currency’s freefall exacerbates public dissatisfaction, compounded by low election turnout favoring hard-line politicians in Iran.