Shabtabnews In this dark night, I have lost my way – Arise from a corner, oh you the star of guidance.
Iranintl – Iran’s rial fell to new record lows on Saturday, with the euro crossing 3 million rials for the first time and the US dollar hovering around 2.7 million rials on the open market.
The British pound reached about 3.52 million rials, while the UAE dirham traded above 730,000 rials, according to open-market rates at the start of Saturday’s trading.
The dollar had been trading at about 2.45 million rials earlier this week, meaning its price in rials has risen more than 8% in less than a week.
The latest slide extends the sharp deterioration in the currency amid sanctions, restrictions on Iran’s oil exports and the economic costs of the conflict with the United States.
About a year ago, the dollar was trading at roughly 1.1 million rials, more than doubling in rial terms over the past year.
The weakening rial is adding to pressure on households and businesses already facing steep inflation. Official data for September showed consumer prices were 89.8% higher than a year earlier, while average inflation over the preceding 12 months reached 73.6%.
For businesses dependent on imported medicines, machinery, raw materials and other goods, the currency’s fall feeds directly into higher local prices, further eroding purchasing power.
