Iran’s Currency Drops to a Record Low amid Geopolitical Uncertainty

Iranian People shop at the Tehran Bazaar in Tehran, Iran March 16, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
Iranian People shop at the Tehran Bazaar in Tehran, Iran March 16, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
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Iran’s Currency Drops to a Record Low amid Geopolitical Uncertainty

Iranian People shop at the Tehran Bazaar in Tehran, Iran March 16, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
Iranian People shop at the Tehran Bazaar in Tehran, Iran March 16, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters

Iran's currency fell below the psychologically key level of 1,000,000 rial per US dollar on Tuesday, as market participants saw no end in sight to sanctions under US President Donald Trump's renewed "maximum pressure" campaign.

Trump said earlier this month that he had sent a letter to Iran's top authority, Supreme Leader Ali Khamenei, warning that Iran's nuclear program could either be dealt with through negotiations or militarily.

Khamenei rejected the US offer for talks as a "deception" and Iranian Foreign Minister Abbas Araqchi said last week that negotiations with Washington were impossible unless its policy changed.

The apparent diplomatic deadlock has raised fears of potential conflict, although Iranian officials have sought to assuage such concerns.

"I am certain there won't be any war as we are fully prepared for such condition... so that no one will think about attacking Iran," Araqchi said on Monday, during a meeting with the Iranian Red Crescent.

Iran's currency dropped to a record low of 1,039,000 rial to the US dollar according to Bonbast.com, which gathers live data from Iranian exchanges.

This represents a more than halving of the currency's value since President Masoud Pezeshkian took office last year.

Facing an annual inflation rate of about 40%, Iranians seeking safe havens for their savings have been buying dollars, other hard currencies or gold, suggesting further headwinds for the rial.

The Iranian rial stood around 55,000 to the US dollar in 2018, when US sanctions were reimposed by the first Trump administration to force Tehran to the negotiating table by limiting its oil exports and access to foreign currency.

The US has issued four rounds of sanctions on Iran's oil sales since Trump's return to the White House.



Pro-Palestinian Demonstrators Clash with Security Guards at Columbia University

Protestors gather outside of Columbia University's Butler Library after pro-Palestinian protesters occupied the space on May 07, 2025 in New York City. Spencer Platt/Getty Images/AFP
Protestors gather outside of Columbia University's Butler Library after pro-Palestinian protesters occupied the space on May 07, 2025 in New York City. Spencer Platt/Getty Images/AFP
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Pro-Palestinian Demonstrators Clash with Security Guards at Columbia University

Protestors gather outside of Columbia University's Butler Library after pro-Palestinian protesters occupied the space on May 07, 2025 in New York City. Spencer Platt/Getty Images/AFP
Protestors gather outside of Columbia University's Butler Library after pro-Palestinian protesters occupied the space on May 07, 2025 in New York City. Spencer Platt/Getty Images/AFP

Police officers in helmets streamed into Columbia University Wednesday evening to remove a group of mask-clad protesters who staged a Pro-Palestinian demonstration inside the school's main library.

Videos shared on social media show a long line of NYPD officers entering the library hours after dozens of protesters pushed their way past campus security officers, raced into the building and then hung Palestinian flags and other banners on bookshelves in an ornate reading room. Some protesters also appear to have scrawled “Columbia will burn” across framed pictures.

Other videos show campus security officers barring another group of protesters from entering the library, with both sides shoving to try and force the other group aside.

Police said at least 80 people had been taken into custody, though it wasn't clear how many came from the demonstration inside the library and how many were outside the building.

Videos shared by a reporter on the scene show more than 30 people being taken away from the library by officers with their hands tied behind their backs. Protesters and other supporters, meanwhile, gather around the metal barriers set up outside the building by police cheering on the detained demonstrators and chanting “Free Palestine.”

The university's acting president, Claire Shipman, said the protesters who had holed up inside a library reading room were asked repeatedly to show identification and to leave, but they refused. The school then requested the NYPD come in “to assist in securing the building and the safety of our community,” she said in a statement Wednesday evening.

Shipman said two university public safety officers sustained injuries as protesters forced their way into the building.

“These actions are outrageous,” she said, adding that the disruption came as students were studying and preparing for final exams.

New York City Mayor Eric Adams, a Democrat, subsequently said officers were entering the campus “to remove individuals who are trespassing.”

New York Gov. Kathy Hochul also denounced the protesters.

“Everyone has the right to peacefully protest,” the Democrat wrote on X. “But violence, vandalism or destruction of property are completely unacceptable.”

US Secretary of State Marco Rubio wrote on X that they are examining visa status for “trespassers and vandals” who took over the library.

“Pro-Hamas thugs are no longer welcome in our great nation,” he wrote.

The Trump administration has cracked down on international students and scholars at several American universities who had participated in pro-Palestinian demonstrations or criticized Israel over its military action in Gaza. Columbia University scholar Mahmoud Khalil, for example, is a legal US resident with no criminal record who was detained in March over his participation in pro-Palestinian demonstrations.

Wednesday's demonstration and the effort to break it up came the same evening that the US Justice Department announced it had brought hate-crime charges against a man who had been repeatedly arrested at pro-Palestinian demonstrations over the past year, including one held near Columbia. An indictment charged Tarek Bazrouk, 20, with assaulting Jewish people at the demonstrations.

Columbia University in March announced sweeping policy changes related to protests following Trump administration threats to revoke its federal funding.

Among them are a ban on students wearing masks to conceal their identities and a rule that those protesting on campus must present their identification when asked. The school also said it had hired new public safety officers empowered to make arrests on campus.

Columbia University Apartheid Divest, a pro-Palestinian student group, said it had occupied part of Butler Library because it believed the university profited from “imperialist violence.”

“Repression breeds resistance — if Columbia escalates repression, the people will continue to escalate disruptions on this campus," the group wrote online.

The federal charges against Bazrouk say he kicked a person in the stomach at a protest near the New York Stock Exchange, stole an Israeli flag and punched someone in the face at a demonstration near Columbia, and punched someone wearing an Israeli flag at another Manhattan protest in January.

Bazrouk's lawyer, Andrew Dalack, said his attorneys “look forward to zealously defending” him.

A magistrate judge said Wednesday that Bazrouk could be released on bail, but that ruling is being challenged by prosecutors. A hearing is scheduled before a federal judge on Tuesday.