The Iranian rial slumped on Saturday to a historic low against the U.S. dollar, according to Iranian media and currency tracking websites.

The rial fell by 5 percent and was trading at about 28,400 per dollar, compared with about 26,920 on Thursday and about 26,400 on Wednesday, according to Persian-language currency tracking website Mazanex.

Ezzatollah Yousefian, an Iranian legislator, said international sanctions levied against Iran were not a major cause of the country's economic conditions, Mehr reported on Saturday.