Opening on Saturday, the rial plummeted to 1,043,000 per dollar.
The rial is at an all-time low as tensions with the US over its nuclear program escalate.
As traders rejoined on the streets during the New Year celebrations, the rate dropped exponentially.
International sanctions have had a devastating impact on Iran’s economy since President Trump terminated its nuclear agreement in 2018.
Trump has continued his pressure campaign with a new round of sanctions against the country.
He has reached out to Iran’s supreme leader to initiate direct talks, but Iran remains hesitant.
President Masoud Pezeshkian stated that Iran is open to negotiating, but refused to be threatened.
Despite accusations of developing nuclear weapons, Iran maintains its programs are for peaceful purposes.
In 2015, Iran agreed to limit its nuclear program with world powers, but Trump’s departure from this deal and sanctions have caused Iran to step back from its commitments.
Ali Larijani, a close advisor to the supreme leader, warned that Iran would pursue nuclear weapons if faced with an attack.
The rial is at an all-time low as tensions with the US over its nuclear program escalate.
As traders rejoined on the streets during the New Year celebrations, the rate dropped exponentially.
International sanctions have had a devastating impact on Iran’s economy since President Trump terminated its nuclear agreement in 2018.
Trump has continued his pressure campaign with a new round of sanctions against the country.
He has reached out to Iran’s supreme leader to initiate direct talks, but Iran remains hesitant.
President Masoud Pezeshkian stated that Iran is open to negotiating, but refused to be threatened.
Despite accusations of developing nuclear weapons, Iran maintains its programs are for peaceful purposes.
In 2015, Iran agreed to limit its nuclear program with world powers, but Trump’s departure from this deal and sanctions have caused Iran to step back from its commitments.
Ali Larijani, a close advisor to the supreme leader, warned that Iran would pursue nuclear weapons if faced with an attack.
