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Iran Rial Slides to New Low as Coronavirus, Sanctions Weigh

Iran Rial Slides to New Low as Coronavirus, Sanctions Weigh

Saturday, 4 July, 2020 - 18:45
The Iranian rial fell to a new low against the US dollar on the unofficial market. (AFP)
Asharq Al-Awsat

The Iranian rial fell to a new low against the US dollar on the unofficial market on Saturday, as the economy comes under pressure from the coronavirus pandemic and US sanctions.


The dollar was offered for as much as 215,500 rials, softening from 208,200 on Friday, according to foreign exchange site Bonbast.com. The economic daily Donya-e-Eqtesad’s website gave the dollar rate as 215,250, compared with 207,500 on Friday.


In May 2018, President Donald Trump withdrew the United States from a multilateral deal aimed at curbing Iran’s nuclear program and reimposed sanctions that have since battered the economy.


A drop in oil prices and a slump in the global economy have deepened the economic crisis in the country, which also has the highest death toll in the Middle East from the pandemic.


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