"The Iranian rial shot above 1.81 million to the US dollar on the open market by early afternoon on Wednesday before partially recovering. The embattled currency changed hands for about 1.54 million earlier this week, and its rate was about 811,000 per US dollar a year ago."
"The latest freefall follows on from unchecked inflation, which has been increasingly plaguing the Iranian economy as a result of mismanagement and sanctions, and continues to ravage households."
"Iran's authorities this week projected a hardened stance on negotiations with Washington, and pledged to fight the naval blockade of Iran's southern waters, which the US Central Command insisted on Tuesday had cut off economic trade going into and coming out of the country."
"According to customs data released by state media, Iran's non-oil trade has been negatively affected after commercial ties were disrupted or cut off as a result of the war."
Iran's national currency, the rial, has fallen to over 1.81 million to the US dollar amid a naval blockade by the US. The rial was about 811,000 per dollar a year ago. Inflation and economic mismanagement have worsened the situation, affecting households. The US has increased military presence in the region, while Iran's government has taken steps to mitigate the blockade's impact, including empowering border provinces and allocating funds for essential goods. Non-oil trade has suffered due to disrupted commercial ties.
Read at www.aljazeera.com
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