The Iranian rial fell to a record-low on Monday (March 26th), breaking through the 50,000-to-the-dollar mark for the first time, AFP reported.
The rial has lost around a quarter of its value in the past six months to reach 50,860 against the US dollar, according to the Financial Information Market.
The gap with the official rate, which stood at 37,686 on Monday, has continued to widen.
Iran's government took drastic measures last month to stem the decline in the free market rate, arresting foreign exchange dealers, freezing speculators' accounts and raising interest rates, as well as buying up millions of dollars in a bid to lower the price.
But on the streets of Tehran, long queues continued to gather outside foreign exchanges.
Local officials have complained that Iranians are hoarding billions of dollars, while local banks run short on cash.
The devaluation poses a problem for President Hassan Rouhani's government, which is facing growing internal dissent. From December 28th to January 1st demonstrators across the country protested the dire state of the economy. Twenty-five people were killed in the unrest.
