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Iran’s national currency falls to record low over nuclear deal

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Iran’s national currency stumbled to record-low levels after renewed efforts to revive the country’s beleaguered nuclear deal failed to make progress.

The US dollar crossed 300,000 Iranian rials in open market on Saturday, according to two local exchange shops and media reports. The level was last seen in October 2020, when the rial crashed to record-low prices against the dollar.

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Four traders at a currency exchange hub in central Tehran said on the phone that they weren’t selling the dollar on Saturday, citing market volatility.

Efforts between Tehran and world powers to salvage the 2015 nuclear accord resumed in the Austrian capital this week. But negotiations ended on Friday with no sign of concrete progress. The next round of talks is scheduled for next week.

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