Iran’s currency hits lowest value ever against the dollar

Tehran, June 20

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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 USD 1 at the time of Tehran’s 2015 nuclear deal with world powers.

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 USD 8 billion from USD 100 billion in 2011.

Iran recently sent five tankers with at least USD 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. — AP