The Iranian rial weakened sharply Sunday evening, with the US dollar surging to 273,100 toman (2.731 million rials) in the open market, a gain of 1.7% in under 24 hours, according to The Zioneer. The euro rose to 307,400 toman and gold prices also climbed.
The Iranian rial continues its months-long slide, with the dollar reaching a new high of 273,100 toman Sunday evening, up 4,600 toman from 268,500 at 15:00 on Saturday. The euro traded at 307,400 toman and the pound at 358,000 toman. Gold prices also rose, with a gram of 18-carat gold at 26.385 million toman and an Emami gold coin at 273.83 million toman.
The currency has been depreciating sharply over recent months amid ongoing economic pressures and sanctions. The Zioneer previously reported the dollar at 190,000 toman in late July, 240,500 toman in late September, and 273,100 toman this evening — each level representing a new record low for the rial. The continued weakening underscores the deepening economic crisis in Iran.
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