Iran’s currency hits a record low

Iran’s currency fell to a record low on Sunday, plunging to 613,500 to the dollar, as its people celebrated the Persian New Year. On Sunday, people were trying to exchange rials for foreign currency at Tehran’s main hub of exchange shops in Ferdowsi Street, but most were closed due to the Nowruz holidays, which are run from March 20 to April 2. Some said that the rate was driven down by demand for dollars and Euros for holiday travel coming as most exchange shops are closed. The rial’s record low came less than a month after a parliamentary election that saw the lowest turnout since the 1979 Islamic Revolution, whose results were dominated by hard-line politicians.