Iran's rial drops to record low against US dollar

TEHRAN, Iran — Iran’s rial currency trades at a record low against the US dollar as the country returns to work after a long holiday.

The rial has plunged to over 1 million rials during the Persian New Year, Nowruz, as currency shops closed and only informal trading took place on the streets, creating additional pressure on the market. But as traders resume work today, the rate fell even further to 1,043,000 to the dollar, signaling the new low appeared here to stay.

On Ferdowsi Street in Iran’s capital, Tehran, the heart of the country’s money exchanges, some traders even switch off their electronic signs showing the going rate as uncertainty loomed over how much further the rial could drop.