Amid tightening US sanctions, Iran’s currency hits lowest value ever against dollar

A man buys Iranian rials from a seller of Iranian currency, before the start of the US sanctions on Tehran, in Basra. (File photo: Reuters)

Iran’s currency has dropped to its lowest value ever at 190,000 rial for each dollar amid severe US sanctions against the country.

The Iranian currency has tumbled from a rate of 32,000 rials to $1 at the time of Tehran’s 2015 nuclear deal with world powers.

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The rial unexpectedly rallied after President Donald Trump’s decision to withdraw the US from the nuclear deal and reimpose crippling trade sanctions over two years ago.

US sanctions have caused Iran’s oil exports, the country’s main source of income, to fall sharply.

Last week, Senior Vice President Eshaq Jahangiri said that Iran’s oil revenues have plummeted to $8 billion from $100 billion in 2011.

Iran recently sent five tankers with at least $45.5 million worth of gasoline and similar products to Venezuela.

It was a way to bring money into its cash-starved Iran and put its own pressure on the US, which under Trump has pursued maximalist campaigns against both nations.

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Last Update: Saturday, 20 June 2020 KSA 13:59 - GMT 10:59
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