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