Iranian Rial Falls to Record Low

The Iranian rial has plunged to its lowest level amid protests and a lack of progress in nuclear negotiations.

The rial has fallen to an average of 363,500 to the US dollar, a decline of more than 40%:

This drop in value occurs as the regime struggles to suppress anti-government protests that began in mid-September following the death of 22-year-old Mahsa Amini, who was arrested for allegedly violating the country's Islamic dress code.

Protests against wearing hijabs have raised widespread anger in Iranian society.

The decline in exchange rates can partly be attributed to the absence of progress in discussions regarding the resumption of Iran's nuclear deal, which would end sanctions against the regime in exchange for curbing its nuclear program, reports Bloomberg News.

The currency is also suffering from heavy capital outflows from the stock market, as Iranians seek to gather cash to purchase foreign currency in order to protect themselves from economic and political instability.