sanctions in 2018 by then-President Donald Trump has harmed Iran's economy by limiting Tehran's oil exports and access to foreign currency. The unrest has posed one of the biggest challenges to theocratic rule in Iran since the 1979 Islamic revolution.įoreign exchange traders say the rial's depreciation stems partly from the unrest and Iran's increased isolation in the face of Western sanctions over its human rights record and Russia's use of Iranian-made drones in Ukraine.Īlso Read: ‘Day of freedom near’: Videos show Tehran, other Iranian cities rocked by protests The rial has lost nearly 45 per cent of its value since nationwide protests following the death in police custody of a young Kurdish Iranian woman began in September.

and the fervour has become even more intense on the futures market,' economic website Ecoiran said. 'While some analysts expected that, with the opening of this centre, emotional trading on the free market would decrease, the dollar continued its upward movement. Last week, it opened an exchange centre to allow ordinary Iranians to purchase foreign currency, but some market analysts said the move had yet to dampen the appetite for greenbacks. Seeking to cool the market and ease demand for dollars, the central bank on Saturday lifted a ban on private exchange shops selling hard currencies.Īlso Read: Iran's supreme leader issues pardon for 'tens of thousands' of prisoners With annual inflation running at more than 50 per cent, Iranians have been trying to protect the value of their savings by buying foreign currency or gold. The website also gave the rate as 575,000. The rial was trading at 575,000 on the unofficial free market against the dollar, compared to 540,000 on Friday, according to foreign exchange site.

dollar on Saturday despite central bank measures aimed at cooling demand for foreign currency from savers worried about inflation and the country's economic prospects. By Reuters: Iran's rial currency sank to a record low against the U.S.

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