Irans currency falls to an all-time low as Trump clinches the US presidency
TEHRAN, Iran — Iran’s currency fell on Wednesday to an all-time low as Donald Trump clinched the U.S.presidency again, signaling new challenges ahead for Tehran as it remains locked in the wars raging in the Middle East.The rial traded at 703,000 rials to the dollar, traders in Tehran said, breaking through the record before recovering slightly later in the day to 696,150 to $1.It wasn’t immediately clear what caused the rally but Iran’s Central Bank has in the past flooded the market with more hard currencies as an attempt to improve the rate.The slide comes as the rial already faces considerable woes over its sharp slide in value — and as the mood on the streets of Tehran among some darkened.“One-hundred percent he will intensify the sanctions,” said Amir Aghaeian, a 22-year-old student.
“Things that are not in our favor will be worse.Our economy and social situation will surely get worse.”He added: “I feel the country is going to blow up.”In 2015, at the time of Iran’s nuclear deal with world powers, the rial was at 32,000 to $1.
On July 30, the day that Iran’s reformist President Masoud Pezeshkian was sworn in and started his term, the rate was 584,000 to $1.Trump unilaterally withdrew America from the accord in 2018, sparking years of tensions between the countries that persist today.Iran’s economy has struggled for years under crippling international sanctions over its rapidly advancing nuclear program, which now enriches uranium at near weapons-grade levels.Pezeshkian, elected after a helicopter crash killed hard-line President Ebrahim Raisi in May, came to power on a promise to reach a deal to ease Western sanctions.However, Iran’s government has for weeks been trying to downplay the effect on Tehran of whoever won Tuesday’s election in the United States.That stance continued on Wednesday with a brief comment from Fatemeh Mohajerani, a spokeswoman for Pezeshkian’s administration.”The election of the U.S.
president doesn...