Iran’s home currency hit a record low on Sunday, dropping to 1,00,000 rials to the dollar amid increasing hostilities and the imminent return of sanction imposed by the United States on Tehran, Reuters reported.
On Sunday, the Iranian rial was valued at 1,11,500 against the US dollar on the unofficial market, according to foreign exchange website Bonbast.com.
In May, US President Donald Trump announced Washington’s withdrawal from the Barack Obama-era nuclear agreement with Iran, calling it “decaying and rotten”. The US said it will re-impose sanctions against Iran, and has asked some other countries to take similar action.
Trump has threatened the country with “consequences the likes of which few throughout history have ever suffered before”. The United States called on all nations to suspend imports of Iranian oil from November 4 or face curbs from Washington.
However, on July 24, Trump said Washington was ready to make a “real deal” with Iran on its nuclear programme.
The nuclear deal, signed in 2015 by the five permanent members of the United Nations, Germany, the European Union and Iran, had lifted decades-old sanctions on Tehran on the promise that it would tone down its nuclear programme considerably.
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