Iran's Currency Hits Record Low Against Dollar

Iran’s currency fell to a record low on March 24, plunging to 613,500 rials to the dollar as Iranians celebrated the Persian New Year. Most of the shops in Tehran's main currency exchange hub were closed due to the Norouz holidays. Mohsen, an employee of one of the shops, told the Associated Press that the holiday was contributing to the plunge in the rate, giving only his first name over fear of retribution for speaking about Iran’s economic struggles. The demand for dollars is high because people travel abroad for the holidaysand only a few exchange shops are open.