Iranian Rial Reaches New Low as Dollar Surpasses 1,060,000 Mark

The Iranian rial hit a new low on Sunday, with the dollar rate exceeding 1,060,000 rials in open market trading.

The dollar opened at 1,045,000 rials but rose more than 20,000 rials during the day to close at 1,065,300 rials, The Caspian Post reports citing foreign media.

The surge followed reports about the activation of the sanctions "trigger mechanism," which heightened concerns over economic volatility.

Gold prices also soared, with 18-karat gold crossing 90.6 million rials per gram and nearing the 100 million rial mark. Gold coins traded above 1.04 billion rials in Tehran markets.

The Tehran Stock Exchange continued its decline for the fourth straight day. The main index dropped 38,248 points to close at 2,504,000.