During Nowruz Holiday, Iranian Rial Hits Lowest Level

The Iranian rial has dropped to a record low today, Sunday, reaching 613,500 against the dollar, as the country celebrates the Persian New Year. The dollar was equivalent to 590,000 rials on March 18, the last working day before the holiday. The exchange rate has a strong impact on other markets, including housing and rentals. Many Iranians have seen their savings evaporate with the decline of the local currency. Today, the value of the rial is about one-twentieth of what it was in 2015, when Iran signed the nuclear agreement with world powers. Since then, the dollar has risen from 32,000 rials to hundreds of thousands.