Iran’s currency drops to a new low for year against US Dollar




Amid continuing economic crisis in Iran and a delay in nuclear talks with world powers, the US dollar rose to 275,000 rials in Tehran’s exchange market on Sunday, reaching its highest point in nearly ten months.

The dollar was trading much lower, at around 220,000-230,000 rials, in March and April on hopes that nuclear negotiations launched in Vienna would lead to an agreement to revive the JCPOA, or the 2015 agreement and lift crippling US sanctions.

But Iran stopped the talks in June saying its newly elected president Ebrahim Raisi needed time to form his foreign policy team.

Iran’s economy was hit hard when in 2018 former President Donald Trump withdrew from the JCPOA and imposed oil export sanctions on Tehran. Since then Iran has lost at least $120 billion in oil revenues, according to its oil minister, Bijan Zanganeh Namdar.