The Iranian rial hit its lowest rate against the US dollar since September 2018 on the unofficial market on Tuesday, a foreign exchange website reported, amid a deterioration in the economic situation brought on by crippling US sanctions and restrictions to deal with the new coronavirus outbreak.
The dollar was being offered for as much as 170,000 rials, according to website Bonbast.com which tracks the unofficial market. The official rate, cited by the central bank website, is 42,000.
US President Donald Trump withdrew from a multilateral deal aimed at curbing Iran’s nuclear program in May 2018 and reimposed sanctions.
Iranian Vice President Eshaq Jahangiri said on Sunday that US sanctions, the coronavirus outbreak, a drop in oil prices and a slump in the global economy had caused “perilous conditions” for Iran’s economy.
A money changer poses for the camera with a US hundred dollar bill (R) and the amount being given when converting it into Iranian rials (L), at a currency exchange shop in Tehran's business district, Iran, January 20, 2016. (Reuters)