The Iranian riyal is suffering

The Iranian rial fell to a record low on Sunday, recording 613,500 against the dollar, as the country celebrated the Persian New Year.

The dollar was equivalent to 590,000 riyals on March 18, the last working day before the holiday.

Today, the rial is worth about one-twentieth of what it was in 2015, when Iran signed the nuclear deal with world powers.

The Iranian currency reached its lowest levels in February 2023 at 600,000 riyals against the dollar.

On Sunday, Iranians tried to exchange riyals for dollars at the main exchange centers on Ferdowsi Street in Tehran, but most of them were closed due to the Nowruz holiday, which lasts from March 20 to April 2. As the opportunity to travel abroad increases, which increases the demand for the dollar and the euro. (Russia Today)