Urdu Report Editorial Team
The Iranian rial has continued to lose value, reaching its lowest level in history as foreign currencies surge to new highs in the country’s open market.
According to Iranian media reports, the US dollar has crossed the 2 million rial mark. At the beginning of last week, the dollar was trading at around 1.865 million rials, meaning its value has increased by more than 7% in just a few days.
Latest Reports
Reports indicate that at the same time last year, one US dollar was worth approximately 958,000 rials, meaning the current exchange rate is now nearly double the level recorded a year ago.
Earlier on Sunday, the US dollar was reportedly trading at around 1.98 million rials in Iran’s open market. The British pound stood at approximately 2.7 million rials, while the euro was trading near 2.31 million rials.
A Challenge for Iran’s Economy
Economists say the growing pressure on the Iranian rial poses a major challenge to the country’s economy. The continued rise in foreign currency prices in the open market could further fuel inflation and put additional pressure on people’s purchasing power.
Read More
Iran’s Economic Problems Worsen After War, Masoud Pezeshkian – urdureport.com
