Iran Rial Slides Further as Economic Pressures Mount

Iran’s currency continued to depreciate on Sunday, the second day of the country’s working week, with the rial weakening further against the U.S. dollar.

The rial was already trading at a record low of 1.3 million per dollar in December.

In Tehran’s Ferdowsi Street—the capital’s main currency exchange hub—the dollar was trading at around 1,840,000 rials, according to a report by the Associated Press (AP).

Analysts say the currency could face further downward pressure.

The rial was trading at about 1.3 million per dollar in December, a record low at the time that triggered protests over worsening economic conditions.

Markets in Tehran remain volatile, with prices of some goods rising on a near-daily basis.

Reports in Iranian media also indicate that several factories have not renewed worker contracts following the Iranian New Year in March, leading to job losses in some sectors.