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Iran’s rial plummeted to an all-time low against the US dollar

in Afghan Business

Iran’s rial plummeted to an all-time low against the US dollar

rialThe devaluation of the Iranian currency, rial, hits its lowest against the dollar, registering a 21% drop in a span of two weeks.

The rial was traded at between 39,000 and 40,000 per dollar on the open market on Saturday, down from about 33,000 two weeks ago.

While the Iranian government has promised to take measures to shore up the currency, but there are no signs of their efforts.

This comes amid strong sanctions from the United States and the European Union in retaliation to Iran’s nuclear power program, an allegation the Iranian government denies and claims to be merely for peaceful purposes.


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Iran's RialIranian currency

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