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Iranian rial at record low against dollar

Iran's Chamber of Commerce chief refutes expectation of a currency devaluation

Published: Updated:

Iran’s currency, the rial, nose-dived on Thursday to a record low against the US dollar, for the first time since the nuclear deal between Tehran and six world powers last year.

Monetary experts imputed the plunge in the Iranian currency to statements of US officials nominated and appointed by president-elect Donald Trump to his upcoming cabinet, toward the nuclear deal and the relationship with the Islamic Republic.

Trump's vow

During the race to the White House, Trump vowed to rip off the nuclear deal reached between Iran and P5+1 nations and re-impose sanctions on Iran.

The US dollar exchange rate traded at 37,470 rials, in Tehran's black market Thursday, in record jump to the greenback since the nuclear deal in July 2015.

Mohsen Jalalpour, Head of Iran's Chamber of Commerce, repudiated expectation of the devaluation of the rial, to a level prevailing at the time of the sanctions imposed on the Islamic Republic due to its suspicious nuclear activity, saying it’s just an ‘illusion’.