TEHRAN, Iran – Iranian media are reporting that the country’s currency has plummeted more than five per cent against the U.S. dollar in less than 10 days.
The reports said the unofficial street trading rate for the rial hit 39,300 per dollar on Tuesday, compared with 37,300 rial nearly 10 days ago.
Other currencies like the Euro and British pound showed only tiny gains against the rial in the same period.
Officials have made no comment on the matter so far.
The strength of the U.S. dollar and falling oil prices in international markets are seen as the main reason for the drop in the rial’s value.
Crude export revenue provides up to 30 per cent of Iran’s budget.
As an anti-money laundering measure, Iran last week limited the amount of currency that incoming travellers could bring in to U.S. $10,000. Previously people could bring in an unlimited amount.