Archive: 10/1/2012
Daily Israel Report
19:06
Reported

News Brief

  10/1/2012, Tishrei 15, 5773

Iran's Currency Reaches New Low


Iran's currency plummeted around 17 percent in trading on Monday, according to media and an online exchange website, severely adding to strains on the Islamic republic's sanctions-hit economy.

AFP reported that Iran's currency, the rial, weakened to 34,500 to the dollar by the end of the day's trading, according to the Mesghal.com website, a drop of 16.6 percent compared to the previous day's rate of 29,600.

The Mehr news agency said the rial fell 18 percent to 35,000.

The rial has lost more than 80 percent of its value compared with the end of last year, when it was worth 13,000 to the dollar.