Iran's currency dips to all-time low, basic prices skyrocket  

Recently launched government plans to restore stability to the troubled foreign exchange market proved no remedy, as ordinary Iranians continue to see their pockets shrink.  
Men look at currency exchange rates at an exchange shop in Tehran on Feb. 21, 2023. Iran's currency plunged to new lows on Jan. 20 amid fresh European Union sanctions, crossing the psychologically important rate of 500,000 rials to a dollar in foreign exchange markets.
Men look at currency exchange rates at an exchange shop in Tehran on Feb. 21, 2023. Iran's currency plunged to new lows on Jan. 20 amid fresh European Union sanctions, crossing the psychologically important rate of 500,000 rials to a dollar in foreign exchange markets. - ATTA KENARE/AFP via Getty Images
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A correspondent in Tehran

TEHRAN — At the closure of Iran's foreign exchange market on Thursday, the country's national currency, the rial, nosedived to a new record low. A US dollar was traded for 52,650 rials, according to the currency monitor website Bonbast.  

The sharp decline occurred despite the latest government measure announced earlier this week to contain the depreciation that has been increasingly worsening since September.  

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