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Iranian Currency Drops 9 Percent In Two Days - Iranian currency rial continued it's plunge and registered another all time low Tuesday in open market trading in Tehran. According to Mehr News Agency, rial traded at 22,300 for a dollar, representing a drop of 9% in the currency value in a span of two days.

Tehran's gold merchants are no longer displaying the dollar exchange rate due to big fluctuations in the market

Also, due to big fluctuations in the currency rates, the exchange shops in Tehran have stopped displaying the prices.

The freefall of rial is being attributed to the traders anticipated devaluation of the official exchange rate which is currenty set at 12,260 rials for a dollar. This is after Mahmoud Bahmani, head of Central Bank of Iran, told reporters on Sunday that a single-rate currency will be established within 10 days.

People outside a currency exchange shops in Tehran (file photo)

The recent flurry of sanctions announced against Iran by U.S. and European allies, which for the first time target Iran's Central Bank, is being credited as the main reason for Iran's currency coming under pressure.

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