The central bank's website showed the exchange rate as 11, 180 rial to one US dollar.
BBC: Iran's rial slides against US dollar on fresh sanctions
The rial is dying and hyperinflation is creating real potential for full-fledged economic panic.
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Earlier this month saw a massive, and potentially ruinous, devaluation of the Iranian national currency, the rial.
Iran's oil exports have plummeted more than 50% as has the value of the rial, Iran's currency.
All told, the rial has lost more than 80 percent of its worth over the past year.
Its currency, the rial, has seen its value plunge, and vital medicines are said to be in short supply.
The Iranian rial has lost half its value since December, despite attempts by the regime to prop it up.
President Ahmadinejad has blamed Western sanctions for the fall in the rial, saying they amounted to an economic war.
The sanctions hit Iran's unit of currency -- the rial -- and the automotive industry, a statement from the Obama administration said.
The cap the central bank kept on the rial's fall is suddenly removed.
The rial is not traded on the global currency markets, so it is not possible to produce accurate figures for its value.
BBC: Iran rial: Mahmoud Ahmadinejad blames slide on 'enemies'
"Both Singapore and Hong Kong are trying to develop their debt markets, " says Sergio Rial, Asia-Pacific CEO for Dutch banking giant ABN-Amro.
The rial has reportedly lost more than 80% of its value since 2011 because of US-led trade sanctions over Iran's nuclear programme.
Ae rial spray will kill the adult insects but not the larvae.
Inflation has been ramping at 20% a month, and the rial has lost roughly half its value against the dollar in recent months.
FORBES: Iran Warns Europeans It May Cut Off Oil Ahead Of Sanctions
Iran's currency, the rial, is also believed to have lost 80% of its value against the dollar since the start of the year.
The value of Iran's currency, the rial, has fallen by nearly 50% against the dollar in the past month on the black market.
On Tuesday, the rial was said to be trading in Iran at about 37, 500 to the dollar, down from about 34, 200 late on Monday.
BBC: Iran rial: Mahmoud Ahmadinejad blames slide on 'enemies'
When U.S. President Barrack Obama signed the sanctions legislation into law in July 2010, the rial was trading at just over 10, 000 to the dollar.
And the value of the Iranian currency, the rial, has lost at least half of its value against the U.S. dollar from a year ago.
According to reports, the rial was being traded at 17, 800 to the dollar by money changers in Tehran on Monday, down from 15, 900 on Sunday.
BBC: Iran's rial slides against US dollar on fresh sanctions
Most candidates, whether moderate or not, are keeping their heads down during this flashpoint of anger being expressed on the streets linked to the falling rial.
If Iran's epic poet Ferdowsi was still alive, the last chapter of his book would have been "the battle of Iran's rial with the US dollar".
And although the rial passed the 10, 000 mark in 2009, the central bank successfully managed to keep it hovering around that level for some eight years.
Iran's currency, the Rial, is also believed to have lost 80% of its value against the dollar since the beginning of 2012, making imports prohibitively expensive.
This way, runs the governor's logic, he will be able to help export-oriented companies to grow and at the same time suppress the rial's chronic tendency to oscillate.
On October 1st alone, the value of the Iranian rial declined by some 17 percent, collapsing to 34, 700 to one American dollar. (It has since reportedly fallen still further).
The knock-on effect was a major drop in the rial's value as Iran's central bank fell short on US dollars, before finding alternative routes for bringing its petrodollars home.
Iran's years of state intervention in artificially sustaining the value of the rial, thanks to abundant petrodollars, has turned the currency into a barrel of gunpowder now detonated by sanctions.
The collapse of the rial is also boosting inflation.
FORBES: Economist: Beware Desperate Mullahs As New Sanctions Shock Iran Oil Sales
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