Iranian rial drops to new low against greenback

Business | 5 Sep 2018 5:53 pm

The Iranian rial has fallen to its lowest rate on record, with the currency now trading at over 150,000 to the U.S. dollar.

Since Saturday, the start of the Iranian working week, the rial has dropped over a quarter of its value.

Today, the end of the working week, currency exchange shops in Tehran posted rates of over 150,000 rials to US$1.

There was no immediate acknowledgement of the drop on state media.

The collapse of Iran’s currency has been fanned by President Donald Trump’s decision to pull America out of the nuclear deal with world powers in May. That’s despite the United Nations acknowledging Tehran still abides by the deal’s terms, which saw it limit its enrichment of uranium in exchange for the lifting of economic sanctions. -AP

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