TEHRAN, April 29 (Xinhua) - According to a report by the Iranian Students' News Agency (ISNA) on the 29th, the Iranian currency, the rial, has fallen to a historic low against the U.S. dollar, with the current exchange rate breaching the level of 1.81 million rials per dollar.
The report stated that on this day, the rial accelerated the downward trend against the dollar that had begun two days earlier, shedding more than 230,000 rials in value.
The report noted that although 60 days have passed since the outbreak of hostilities involving Iran, and the domestic market remains relatively stable, the rial has nevertheless experienced significant depreciation. The primary reason for the rial's depreciation is the increased domestic demand within Iran for major foreign currencies.
The report further added that the rial is also trending downward against the euro; on the 29th, the trading rate for the euro against the rial breached the level of 2.08 million rials per euro.