Iranian Rial Exchange Rate Falls to Historic Low

On April 29, according to a report by the Iranian Students' News Agency, the exchange rate of the Iranian rial against the US dollar has fallen to a historic low, currently exceeding 1 dollar to 1.81 million rials. The report states that on this day, the rial's exchange rate against the dollar accelerated its downward trend that began two days ago, dropping by more than 230,000 rials. It is reported that the conflict in Iran has lasted for 60 days, and while the domestic market remains relatively stable, the rial has still experienced significant depreciation. The main reason for the rial's depreciation is the increased domestic demand for major foreign currencies. The report also mentions that the rial is showing a depreciating trend against the euro, with the trading price on the 29th exceeding 1 euro to 2.08 million rials.