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Iran's Rial Currency Plummets to New Low, Sparking Fears of Higher Food Prices
The rial’s value dropped over 1.3 million per dollar due to renewed U.N. and U.S. sanctions and stalled nuclear diplomacy, worsening inflation and economic strain in Iran.
- On Monday, Iran's rial slid to a new record low of more than 1.3 million to the U.S. dollar, with currency traders in Tehran quoting the dollar above 1.3 million since Dec. 3.
- Reimposed sanctions and expanded penalties targeted Iran's finances and energy sectors, while the U.N. reimposed nuclear-related sanctions in late September, amid renewed pressure.
- Rising food and essentials prices are straining Iranian households as the rapid depreciation compounds inflation, pushing up costs for staples such as meat and rice and tightening budgets.
- Many Iranians fear a broader confrontation with possible U.S. involvement, fueling market anxiety as efforts to revive negotiations between Washington and Tehran stall after June's 12-day war involving Iran and Israel.
- When the nuclear accord was implemented the rial traded around 32,000 to the dollar, and Washington's pursuit of oil trading firms and buyers in China has constrained Tehran's oil revenues.
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25 Articles
25 Articles
The Iranian rial currency fell again today to a new record low of 1.3 million rials for one US dollar.
·Belgrade, Serbia
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The Bakersfield Californian+3 Reposted by 3 other sources
Iran’s rial currency sinks to a record low of 1.3 million to the US dollar
Iran’s rial currency sinks to a record low of 1.3 million to the US dollar.
·Bakersfield, United States
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Iran's currency, the rial, fell on Monday to a new historical minimum of more than 1.3 million dollars, aggravating the currency's collapse less than two weeks after it first exceeded the 1.2 million dollar mark under pressure from regional sanctions and tensions.
Coverage Details
Total News Sources25
Leaning Left11Leaning Right2Center9Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 41%
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