Iranian rial hits new record low

Iran’s currency has fallen to a new historic low amid continued depreciation, according to market tracking data.

On May 3, the Iranian rial extended its decline, with the US dollar trading at around 1.87 million rials, Iranian media reports.

The euro also strengthened, reaching approximately 2.23 million rials, while the British pound rose to about 2.58 million rials.

The currency’s continued weakening comes amid ongoing economic instability in the country.

By Jeyhun Aghazada