Iran currency crashes by 9% to record low as effect of Western sanctions felt
October 2, 2012, 12:05 am TWN
TEHRAN--Iran's currency, the rial, plunged 9 percent against the dollar at the opening of trade on Monday, to a record low of 32,500 to the greenback, real-time exchange websites showed.
The freefall exacerbated a slide over this year that accelerated last month, amid heightened tensions over Iran's nuclear program and as the effects of draconian Western sanctions against the Islamic republic fed into its economy.
Minutes after the dramatic plunge was posted on websites such as Mazanex.com, the data was censored.
The Mehr news agency reported the rial trading at 32,300 to the dollar.