Iran’s Currency Conitnues Its Decline As U.S. Sanctions Loom

A man counts stacks of Iranian rials at a currency exchange shop in Kerbala , 110 km (70 miles) south of Baghdad January 23, 2013. REUTERS/Mushtaq Muhammed

Reuters: Iran rial plunges to new lows as U.S. sanctions loom

DUBAI (Reuters) – The Iranian rial plunged to a record low against the U.S. dollar on the unofficial market on Sunday, continuing its slide amid fears of returning U.S. sanctions after President Donald Trump in May withdrew from a deal on Tehran’s nuclear program.

The dollar was being offered for as much as 87,000 rials, compared to around 75,500 on Thursday, the last trading day before Iran’s weekend, according to foreign exchange website Bonbast.com, which tracks the unofficial market.

Iran’s semi-official news agency ISNA said the dollar had climbed to 87,000 rials on Sunday from about 74,000 before the weekend on the black market, and several Iranian websites carried similar reports.

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WNU Editor: When Iranian Supreme leader Ayatollah Ali Khamenei vowed yesterday that Iran will not sign an international agreement that bans terror financing, he more or less drove the final nail into the coffin on any hope that sanctions would be averted …. Iran Will Not Sign An International Treaty That Bans Terror Financing (June 23, 2018). I know if I was living in Iran and I had cash …. I would be keeping it in gold and foreign currencies.

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