Iranian rial hits all-time low as citizens scramble for US dollars

The Guardian | : Iran’s government is scrambling to contain a currency crisis after the rial hit an all-time low, prompting panic-buying of hard-to-find dollars amid political uncertainty. 

The Iranian currency has been steadily losing its value against the dollar since the 1979 Islamic revolution, when one dollar bought 70 rials.

This week, one dollar was exchanged for up to 60,000 rials in central Tehran, as people sceptical of the country’s economic performance and uncertain about its future political stability rushed to get hold of more-stable foreign tender.

President Hassan Rouhani initially succeeded in controlling currency fluctuations inherited from his predecessor. While one dollar bought 36,000 rials in 2013, when he was first elected, it was the equivalent to 40,000 rials in April last year and 60,000 rials on Monday.

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