Iranian rial hits record low, breaching 220,000 per US dollar

TEHRAN, Iran — TEHRAN — Iran's rial fell to a record low in the free market on Wednesday, breaching the 220,000-to-the-dollar threshold for the first time, market data showed. The dollar traded near 220,000 rials, up from above 210,000 rials two days earlier, a decline of more than 10,000 rials in the span. Other major currencies also reached fresh lows against the rial. The British pound passed 297,000 rials and the euro climbed above 255,000 rials, according to the same data. The currency weakness spilled into the gold market, where the price of the Iranian gold coin known as the new "Emami" surpassed 226 million rials, reaching roughly 226.9 million rials in Wednesday trading. Officials cited rising military tensions with the United States, Western sanctions, domestic economic imbalances and high inflation as factors deepening pressure on the markets. No further details on potential policy responses were immediately available.