The currency crisis in Iran is deepening, which is tension with the United States. Iran’s currency riyal has come to a historic low against the US dollar. The value of the riyal has fallen as the Parsi New Year remained closed during the ‘Navroz’ and only informal trade on the roads. The situation is that the price of Riyal has fallen below 10 lakh riyal per dollar. This festive holiday put additional pressure on the exchange market. On Saturday, the riyal exchange rate fell to 1.043 million riyal per dollar when the currency trading resumed on Saturday.
Real will continue to fall
The decline in riyal posture will continue for some time. Ferdausi Street, located in Iran’s capital Tehran, is the major currency exchange center of the country. Here some currency traders have closed their electronic signs showing the prices of riyal. In fact, there is still uncertainty about the potential decline in the price of Rial against the US dollar. Iran’s relations with the US are constantly becoming stressful, which is also adversely affecting the value of the riyal currency.
Economy affected by international restrictions
Iran’s economy has been badly affected by international sanctions. The country’s economy has been severely affected, especially after the US’s decision to withdraw from the nuclear deal with Tehran in 2018. During the 2015 agreement, Iran greatly limited its uranium enrichment and storage in exchange for lifting international sanctions. At that time Rial was trading at 32,000 per dollar. After Trump was re -elected in January, the campaign to put “maximum pressure” on Iran started again, under which the country was banned. Trump again tightened the clamps on Iranian crude oil trade companies, including companies selling oil at a discount in China.
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