Iran's rial slides past 204,000 per dollar to fresh record low

DUBAI, United Arab Emirates — The U.S. dollar rose above 204,000 Iranian tomans on Iran's free market on Tuesday, setting a new record against the rial. The move deepened the currency's losses alongside an Escalation in precious-metal prices, with a new-type gold bullion climbing to 214 million tomans the same session. The euro traded at 238,700 tomans and the British pound at 279,050 tomans in parallel-market dealings. Eighteen-karat gold rose 0.36 percent to about 21.354 million tomans per gram, while one mithqal of gold stood at 92.5 million tomans. The Emami coin gained 2.4 percent on the day. The dollar's sharp advance in the parallel market was cited as the main driver of steep gains in gold and coin prices, which moved in line with global rates. The currency had stood at around 186,500 tomans at the start of the previous week, meaning it appreciated by more than 7 percent in less than seven days. Market participants attributed the record depreciation of the rial to rising demand for hard currency, high inflation, weaker oil revenues and uncertainty over nuclear talks with Washington, along with concerns that sanctions would be tightened further. No further details on official policy responses were immediately available.