Iran’s currency falls to record low against the dollar as tensions run high
Apr 5, 2025, 3:14 AM | Updated: 5:52 am
FILE -A street money exchanger poses for a photo without showing his face as he counts Iranian banknotes at a commercial district in downtown Tehran, Iran, Dec. 23, 2022. (AP Photo/Vahid Salemi, File)
Credit: ASSOCIATED PRESS
(AP Photo/Vahid Salemi, File)
TEHRAN, Iran (AP) 鈥� Iran鈥檚 rial currency traded Saturday at a record low against the U.S. dollar as the country returned to work after a long holiday.
The rial had plunged to over 1 million rials during the Persian New Year, Nowruz, as currency shops closed and only informal trading took place on the streets, creating additional pressure on the market. But as traders resumed work Saturday, the rate fell even further to 1,043,000 to the dollar, signaling the new low appeared here to stay.
On Ferdowsi Street in Iran鈥檚 capital, Tehran, the heart of the country鈥檚 money exchanges, some traders even switched off their electronic signs showing the going rate as uncertainty loomed over how much further the rial could drop.
