In the face of new economic sanctions from the EU, just announced on Monday, January 23, the value of Iranian currency against other international currencies has taken a free fall. The lower demand this causes for Iran's exports, combined with the speculations of continued lower demand for Iran's currency, has led to a big drop in demand for the currency, and a big drop in its value.
Here is an NPR article telling the story:
http://www.npr.org/2012/01/26/145863423/growing-pressures-prompt-plunge-in-iranian-currency
As you can read from the article, it isn't only a demand story. Some domestic policy with a different end may also be playing a role.
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