Iranian Rial Hits Record Low at 150,000 to Dollar

Iranian Rial Hits Record Low at 150,000 to Dollar

Wednesday, 5 September, 2018 - 10:15
A vendor inspects Iranian rials at a currency exchange shop August 8, 2018. (Reuters)
Asharq Al-Awsat
The Iranian rial hit a record low against the US dollar on Wednesday, amid a deterioration in the economy and re-imposition of US sanctions.

According to foreign-exchange websites, the rial slid to around 150,000 to the dollar.

The dollar was being offered for 150,000 rials, compared with about 138,000 rials on Tuesday, according to website Bonbast.com, which tracks the unofficial market. The website bazar360.com also quoted 150,000. Mesghal.online gave an exchange rate of 152,530.

“Prices are witnessing an upswing,” ISNA news agency said Tuesday in a report on the developments in the Iranian market.

Due to Iran’s weak economy, currency has been volatile for months accompanied by financial difficulties at local banks and heavy demand for dollars among Iranians who fear the pullout of Washington from a landmark 2015 nuclear deal and renewed US sanctions could shrink Iran’s exports of oil and other goods.

Last week, parliament sacked Finance Minister Masoud Karbasian, and in August, lawmakers voted out Labor Minister Ali Rabiei. A month before, President Hassan Rouhani replaced the head of the central bank.

Last December, demonstrations against the poor economy spread in over 80 cities and towns and resulted in 25 deaths.

Protests, led by truck drivers, farmers and merchants in Tehran’s bazaar, have continued since then and have occasionally resulted in violent confrontations with security forces.

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