Iran's rial currency has reached a historic low, exceeding 1 million rials per U.S. dollar, amid escalating tensions with the United States. The decline accelerated after the Persian New Year holiday, as traders resumed operations, pushing the rate further down. The rial's devaluation is linked to international sanctions imposed following the U.S. withdrawal from the nuclear deal in 2018, which led to severe economic repercussions for Iran. Local traders express uncertainty about the market's future, further highlighting the economic strain on the country under ongoing sanctions.
"We turn it off since we are not sure about the successive changes of the rate," said Reza Sharifi, highlighting traders' uncertainty in the fluctuating rial market.
The rial traded at 32,000 to the dollar during the 2015 nuclear deal, but after sanctions increased, now it has plummeted to over 1 million.
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