Iranian rial sets new lows as euro passes 3 million

Iran’s rial fell to record lows on Saturday, with the euro topping 3 million rials on the open market and the U.S. Dollar trading around 2.7 million. The British pound reached about 3.52 million rials, while the UAE dirham traded above 730,000.

The dollar’s price in rials has risen more than 8% since earlier this week and more than doubled over the past year. September consumer prices were 89.8% higher than a year earlier, while average inflation over the prior 12 months was 73.6%.

The falling currency is raising costs for households and businesses that rely on imported medicines, machinery and raw materials. The minimum monthly wage of 166 million rials was worth about $66 at this week’s exchange rate.

Read the full story at iranintl.com.