DUBAI Oct 1 The Iranian rial plunged more than
7 percent in open-market trade on Monday to a new all-time low
of about 32,000 per U.S. dollar, traders and currency-tracking
websites said, meaning the currency has lost about a quarter of
its value in the past week.
The rial traded at 32,250 on Monday, currency-tracking
website Mazanex said; an Iranian foreign exchange trader in
Dubai confirmed the drop. The Iranian currency was trading at
24,600 last Monday, according to currency-tracking site Mesghal.
The rial has dropped steeply in the past nine months because
of new Western economic sanctions imposed over Iran's disputed
The currency has been hit particularly hard over the last
week, after the launch of a new government "exchange centre"
which was intended to stabilise the rial's rate but appears to
have contributed to the market turmoil.