AFP
Last updated: 18 January, 2012

Iran currency hits record low in blackmarket trade

Iran’s currency, the rial, hit a record low against the dollar on Wednesday, the ISNA news agency reported, based on rates in blackmarket trading that the government has tried to ban.

The rial’s plunge, to 18,000 to the dollar, comes ahead of an EU foreign ministers’ meeting next Monday that is expected to add further sanctions on Iran’s economy.