Reuters: Iranian currency plunges to an unprecedented low

Reuters reported on Monday, citing data from two websites tracking exchange rates in the free market, that the Iranian currency fell to a record low of more than 2 million rials per US dollar. The Iranian currency is under pressure due to US efforts to isolate Iran by threatening its few remaining trading partners, coinciding with a blockade on its main ports and the strangulation of oil exports, which are a key source of the country’s foreign currency revenues.