10 May 2025
Saturday 20 June 2020 - 16:12
Story Code : 378009

Iran�s currency hits lowest value ever against the dollar

AP � Iran�s currency has dropped to its lowest value ever at 190,000 rial for each dollar amid severe U.S. sanctions against the country.

The Iranian currency has tumbled from a rate of 32,000 rials to $1 at the time of Tehran�s 2015 nuclear deal with world powers.

The rial unexpectedly rallied after President Donald Trump�s decision to withdraw the U.S. from the nuclear deal and reimpose crippling trade sanctions over two years ago.

U.S. sanctions have caused Iran�s oil exports, the country�s main source of income, to fall sharply.

Last week, Senior Vice President Eshaq Jahangiri said that Iran�s oil revenues have plummeted to $8 billion from $100 billion in 2011.

Iran recently sent five tankers with at least $45.5 million worth of gasoline and similar products to Venezuela.

It was a way to bring money into its cash-starved Iran and put its own pressure on the U.S., which under Trump has pursued maximalist campaigns against both nations.
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