The Iranian rial falls to its lowest level in history, losing more than 10% of value since Donald Trump won the US presidential election in November and signaling new challenges for Tehran as it remains locked in the wars raging in the Middle East.
The rial traded at 777,000 rials to the dollar, traders in Tehran say, down from 703,000 rials on the day Trump won.
Iran’s Central Bank has in the past flooded the market with more hard currencies in an attempt to improve the rate.
In an interview with state television Tuesday night, Central Bank Gov. Mohammad Reza Farzin said that the supply of foreign currency would increase and the exchange rate would be stabilized. He said that $220 million had been injected into the currency market.
The currency is plunging as Iran ordered the closure of schools, universities, and government offices today due to a worsening energy crisis exacerbated by harsh winter conditions. The crisis follows a summer of blackouts and is now compounded by severe cold, snow and air pollution.
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