Iran's currency, the real, continued its freefall spiral downward in value. The Iranian currency on Monday alone lost 8% of its value against the dollar. Currently, the exchange rate is 26,400 reals per dollar. Monday's drop followed a fall of 7% in the value of the currency on Sunday.
Western officials said that the currency's fall is due to the West's sanctions against Iran, implemented because of Iran's refusal to allow international regulation of its nuclear program.