The non-stop nosedive of Iran’s rial continues with value plunging to 34,450 against the dollar Monday afternoon. AFP wired a report and wrote Iran’s currency fell 17% on Monday, increasing the pressure on the country’s weakened, sanction-stricken economy. Late Monday the price for a US dollar reached 34,450 rials. The rial has lost 80% of its value in comparison to the same period last year.
Based on reports published in Iran’s state-run media, foreign currency prices have skyrocketed nearly 10,000 rials in just the past two days. While the price of each dollar was around 30,000 rials on Monday morning, this price reached 33,300 rials at noon and by the afternoon had reached 34,450 rials. The price of each euro climbed from 39,100 to 43,000 rials.