News Analysis: Iran's unprecedented currency depreciation in dire need of solution

TEHRAN, Dec. 30 (Xinhua) -- It is not a new story -- the fall of Iran's currency rial against the U.S. dollar and consequently decline of people's purchasing power.

But the recent growing depreciation has caused grave concern in the foreign exchange market and financial circles, as the greenback was sold for 430,000 Iranian rials on Thursday, hitting another high in the country's history.