The rial fell a further 9% on Tuesday, following Monday's 18% decline, news agencies have reported.
The currency has reportedly lost more than 80% of its value since 2011 because of US-led trade sanctions.
Recent moves by Tehran to ensure key importers have enough dollars are said to have further weakened the rial.
The US-led sanctions are being imposed on Iran because of the country's disputed nuclear programme. The US accuses Iran of aiming to build nuclear weapons, while Iran counters that it simply wishes to develop nuclear power stations.
While Iranians are said to be scrambling to convert their rials into hard currency, thereby adding to the downward pressure on the rial, the government has blamed speculation by money changers.
According to the Iranian Fars news agency, Iran's Minister of Industry, Mines and Tade, Mehdi Ghazanfari, said: "We have greater expectations that the security services will control the branches and sources of disruption in the exchange market.
"Brokers in the market are also pursuing the increase in price, because for them it will be profitable, and there is nobody to control them."
On Tuesday, the rial was said to be trading in Iran at about 37,5000 to the dollar, down from around 34,200 late on Monday.
The rial is not traded on the global currency markets, so it is not possible to produce accurate figures for its value.
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