Iran’s currency drops as dollar tops 136K tomans

Shafaq News — Tehran

Iran’s currency weakened further on Wednesday, with the US dollar rising to a record level above 136,000 tomans on the open market.

Currency-tracking websites showed the dollar up about 0.26% from the previous session. The euro traded at around 158,390 tomans, up nearly 1.7% from Monday, while the British pound reached 181,470 tomans and the Turkish lira 3,135 tomans.

Since December 1, the dollar has gained about 12.5%, reflecting a sharp depreciation over less than three weeks.

The currency slide has coincided with a broader rise in foreign exchange and gold prices, which have set successive records in recent weeks.

Inflation and rising currency costs have intensified concerns over Iran’s economic outlook, a trend that has sharpened following the return of United Nations sanctions.

Meanwhile, food prices in Iran have risen by more than 66% on average over the past year, adding to pressure on household incomes.

Read more: US signals conditional talks, Iran rejects zero-enrichment demand