Iran’s currency in free fall as US-imposed sanctions loom

Author:

Associated Press

article author:

ID:

1532869590183067900

Sun, 2018-07-29 (All day)

TEHRAN, Iran: Iran’s currency is continuing its downward spiral as increased American sanctions loom, hitting a new low on the thriving black market exchange.
The Iranian rial fell to 112,000 to the dollar on Sunday, from 98,000 to $1 on Saturday. The government-set exchange rate was 44,070 to the dollar, compared to 35,186 on Jan. 1.
The Iranian rial has been declining steadily for years but the drop has accelerated in recent months after the US decision to pull out of the nuclear deal with Iran in May and announcement of increased sanctions beginning next month.