Rial Falls

The Iranian currency rial continued losing its value and today traded at 20,016 rials per dollar at currency markets, falling below the psychological barrier of 20,000 r/d.

Rial first hit the 20,000 mark in January, but recovered after the central bank devaluated the official exchange rate to 12,260 r/d and raised the interest rate on bank deposits to 21 percent. Since the new oil sanctions went into effect in July, however, the currency has continually lost its value, and now is trading at more than 20,000 rials per dollar. In August 2011, rial was traded at 11,700 r/d, losing its value against dollar by 71 percent within the last 12 months. 

Photo Credit: IRNA