Iran rial hits new record low of 1.31 million to the dollar
Iran’s currency hit a fresh low on Monday of 1.312 million rials to the US dollar on the open market according to currency-tracking websites, reflecting deep economic woes in the country.
Iran’s currency hit a fresh low on Monday of 1.312 million rials to the US dollar on the open market according to currency-tracking websites, reflecting deep economic woes in the country.
The dollar later eased slightly but continued to trade with wide volatility around 1.31 million rials. The euro was traded at about 1.54 million rials and the pound sterling at roughly 1.750 million rials.
The rial’s decline surpassed a previous record of 1.28 million rials per US dollar on Saturday, as Iran introduced a three-tier gasoline pricing system, including sales at 50,000 rials per liter which took effect nationwide in the early hours of the day.
It also surpassed an earlier record of 1.17 million rials per US dollar on September 30, after European countries moved to reimpose UN sanctions on Iran over its disputed nuclear program, tightening external constraints on the Iranian economy.
The latest slide comes amid soaring inflation, renewed volatility in Iran’s unofficial markets and continued uncertainty over stalled nuclear talks with the United States.
The rial, which traded at about 140,000 per US dollar in 2018, has lost just over eight times its value since Donald Trump restored US sanctions on Iran during his first term.
US talks with Tehran over its disputed nuclear program began earlier this year with a 60-day ultimatum. On the 61st day, June 13, Israel launched a surprise military campaign which was capped with US strikes on June 22 targeting key nuclear sites in Esfahan, Natanz and Fordow.
Iran denies seeking nuclear weapons and has called the attacks illegal.
The United States has demanded Iran renounce domestic uranium enrichment while Tehran maintains its nuclear program is an international right.
