Iran’s rial falls further as threat of UN sanctions returns

Iran’s currency weakened sharply on Thursday as European nations prepared to trigger the return of United Nations sanctions under the snapback mechanism, deepening economic pressure on the Islamic Republic and adding to uncertainty around its nuclear program.

The sharp drop extends a steady decline in the rial over recent weeks. Currency dealers quoted the dollar at around 1,030,000 rials on the open market, according to local reports, compared to 957,000 rials last week.

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