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Iran's Currency Hits Lowest Value Ever against the Dollar

A vendor inspects Iranian rials at a currency exchange shop in Baghdad, Iraq August 8, 2018. (Reuters)
A vendor inspects Iranian rials at a currency exchange shop in Baghdad, Iraq August 8, 2018. (Reuters)
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Iran's Currency Hits Lowest Value Ever against the Dollar

A vendor inspects Iranian rials at a currency exchange shop in Baghdad, Iraq August 8, 2018. (Reuters)
A vendor inspects Iranian rials at a currency exchange shop in Baghdad, Iraq August 8, 2018. (Reuters)

Iran’s currency has dropped to its lowest value ever at 190,000 rial for each dollar amid severe US 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 US from the nuclear deal and reimpose crippling trade sanctions over two years ago.

US 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 US, which under Trump has pursued maximalist campaigns against both nations.

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World

UN Rights Chief Wants Next Israeli Govt to 'Change Course Massively'

n Israeli bulldozer demolishes the house of Palestinian prisoner Ibrahim Abdul Karim Daoud at the West Bank village of Beita, 28 October 2026. (EPA)
n Israeli bulldozer demolishes the house of Palestinian prisoner Ibrahim Abdul Karim Daoud at the West Bank village of Beita, 28 October 2026. (EPA)
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UN Rights Chief Wants Next Israeli Govt to 'Change Course Massively'

n Israeli bulldozer demolishes the house of Palestinian prisoner Ibrahim Abdul Karim Daoud at the West Bank village of Beita, 28 October 2026. (EPA)
n Israeli bulldozer demolishes the house of Palestinian prisoner Ibrahim Abdul Karim Daoud at the West Bank village of Beita, 28 October 2026. (EPA)

UN rights chief Volker Turk said Wednesday he hopes a new Israeli government will "change course massively" and respect international law, as the country's political future hung in the balance after hard-fought elections.

"The message is: don't continue the current course of warfare where you think you are above international law, because I think that's what we have frankly seen in the current environment," he told reporters in New York.

"Israel has its obligations under international law, international humanitarian law, international human rights law, and they need to respect them, and I hope that the next government will do precisely that and change course massively," the Austrian diplomat added.

Earlier this week, Turk warned that Israel's military occupation in the occupied West Bank city of Hebron, launched after a deadly attack by Palestinian gunmen, raised serious concerns of "ethnic cleansing."

"Collective punishment is a grave violation of international law," he said in a statement Monday.

With more than 85 percent of ballots counted in Israel's election, Prime Minister Benjamin Netanyahu's right-wing bloc was slightly ahead but still short of a majority, making Israeli Arab parties possible kingmakers.

The Tuesday vote was the first election since the October 7, 2023 attack that led Israel to wage war in Gaza and across the region.

World

Israel Defense Minister Slams Eisenkot’s Call for Military to Resist PM Pressure

Israeli Prime Minister Benjamin Netanyahu and Defense Minister Israel Katz attend a graduation ceremony of new Israeli army officers at a base near Mitzpe Ramon, Israel, October 21, 2026. (Reuters)
Israeli Prime Minister Benjamin Netanyahu and Defense Minister Israel Katz attend a graduation ceremony of new Israeli army officers at a base near Mitzpe Ramon, Israel, October 21, 2026. (Reuters)
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Israel Defense Minister Slams Eisenkot’s Call for Military to Resist PM Pressure

Israeli Prime Minister Benjamin Netanyahu and Defense Minister Israel Katz attend a graduation ceremony of new Israeli army officers at a base near Mitzpe Ramon, Israel, October 21, 2026. (Reuters)
Israeli Prime Minister Benjamin Netanyahu and Defense Minister Israel Katz attend a graduation ceremony of new Israeli army officers at a base near Mitzpe Ramon, Israel, October 21, 2026. (Reuters)

Israel's defense minister on Wednesday denounced opposition candidate Gadi Eisenkot for urging the military to resist post-election pressure from Prime Minister Benjamin Netanyahu, who has threatened new strikes on Iran.

"His call to senior military officials not to obey the directives of the prime minister or me or of other relevant security authorities, on the grounds that 'they have his support', is an anti-democratic statement detached from reality," Israel Katz wrote on X.

Eisenkot, a former military chief, in a speech to supporters after Tuesday's election said that Netanyahu was a caretaker prime minister lacking a mandate and that the military should serve the state rather than the premier.

"Stand firm in the face of any attempt to challenge you. You have my unequivocal backing. Netanyahu, do not dare use Israel's security for your political needs," Eisenkot said.

Netanyahu has repeatedly threatened renewed war on Iran, after bombing campaigns backed by the United States last year and again this year.

Media reports, denied by Netanyahu, said that military chief Lieutenant General Eyal Zamir pushed back immediately before the election on the prime minister's new plans on Iran.

Katz said that Eisenkot's comments were the latest in "a campaign of lies" about tensions between Netanyahu and the military over Iran.

World

Caretaker Role Could Limit Netanyahu but Not Rule Out War with Iran

Israel's Prime Minister Benjamin Netanyahu addresses his supporters at the election night rally after the first exit polls were announced, in Jerusalem on early October 28, 2026, during Israel's legislative elections. (AFP)
Israel's Prime Minister Benjamin Netanyahu addresses his supporters at the election night rally after the first exit polls were announced, in Jerusalem on early October 28, 2026, during Israel's legislative elections. (AFP)
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Caretaker Role Could Limit Netanyahu but Not Rule Out War with Iran

Israel's Prime Minister Benjamin Netanyahu addresses his supporters at the election night rally after the first exit polls were announced, in Jerusalem on early October 28, 2026, during Israel's legislative elections. (AFP)
Israel's Prime Minister Benjamin Netanyahu addresses his supporters at the election night rally after the first exit polls were announced, in Jerusalem on early October 28, 2026, during Israel's legislative elections. (AFP)

Benjamin Netanyahu is expected to face more constraints as Israel's caretaker prime minister after Tuesday's election, but experts say his government could still retain significant powers including when it comes to waging war on Iran.

Neither Netanyahu’s right-wing coalition nor an opposition bloc led by former military chief Gadi Eisenkot is projected by Israeli media ‌to win ‌a majority in the country’s 120-seat legislature. Eisenkot has ‌acknowledged ⁠the prime minister ⁠was still in office as a caretaker but issued a warning that Netanyahu might use security for political ends.

Netanyahu's office has previously rejected accusations he is using the Iran conflict for political gain. His office did not immediately return a request for comment on Wednesday.

“If you look at the letter of the law, a caretaker government has the ⁠same authority, has the same powers as a regular ‌government,” said Guy Lurie, a research ‌fellow at the Israel Democracy Institute, adding however that a caretaker government “has a duty ‌of restraint” and more limited discretion to act in some areas.

A ‌caretaker government faces limitations when it comes to issues such as appointments, but has leeway to act in matters where there is a public interest, analysts say.

“In general, security issues are the clearest exception to this duty of ‌restraint,” said Or Asher, a researcher at the Tel Aviv-based Tachlith Institute, noting that Israel's supreme court has ⁠previously held ⁠that a caretaker government must avoid far-reaching decisions unless they are justified by a pressing necessity.

“The Supreme Court has historically avoided intervening in decisions to go to war, and parliamentary oversight is at its thinnest in the weeks after the new Knesset convenes and before its committees are formed,” Asher said, adding that “a caretaker prime minister can legally take Israel to war, including against Iran”.

After the final tally is in, Israel’s President Isaac Herzog is expected to consult party leaders and then tap the candidate he believes has the best chance of forming a government, with the nominee then getting up to 42 days to establish a government.