Muslims in Media Statistics

Sanctions: Iran’s currency falls 16% in one day, hitting record low

The Muslim Issue

Street traders say rial has reached 34,500 rials to the dollar, rising from 29,500 rials on Sunday

October 1, 2012, 10:17 pm
The value of the Iranian rial decreased rapidly between Sunday and Monday, hitting a record low. (photo credit: Yifa Yaakov/The Times of Israel)
The value of the Iranian rial decreased rapidly between Sunday and Monday, hitting a record low. (photo credit: Yifa Yaakov/The Times of Israel)
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TEHRAN, Iran (AP) — Iran’s currency has fallen 16 percent in a single day to hit a record low against the US dollar and other foreign currencies in street trading.

Street traders said Monday it reached 34,500 rials to the dollar. It was 29,500 rials on Sunday.

The collapse of the currency is a sign of the impact of Western sanctions imposed over Iran’s nuclear program. The West suspects Iran is aiming to build nuclear weapons, a charge Tehran denies.

The fall came despite the country’s inauguration last week of a new hard currency trading center to undercut the black market.

The current official…

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