Iran's troubled currency broke below the psychologically key level of 500,000 rial per U.S. dollar on February 20, as market participants saw no end in sight to sanctions. The Iranian rial plummeted to a new record low of 501,300 against the dollar, according to Bonbast.com, which gathers live data from Iranian exchanges. Facing an inflation rate of about 50 percent, Iranians seeking safe havens for their savings have been buying dollars, other hard currencies, or gold, suggesting further headwinds for the rial. To read the original story from Reuters, click here.
Iran's Currency Falls To Record Low As Sanctions Continue
The Iranian rial banknotes has plummeted to another record low. (file photo)