Iranian Currency Hits Record Low After Trump Administration Says UN Sanctions Have Been Reimposed

Tehran, Sept 21: Iranian currency hit a record low on the unofficial market on Sunday after President Trump’s administration said all United Nations sanctions have been reimposed on Tehran.

Iran’s currency reached as much as 273,000 rials to the dollar, rising from 267,800 rials to the dollar on Saturday. The value of the rial has lost 49% of its value to the dollar throughout 2020, including a loss of 30% since June.

The U.S. declared on Saturday that U.N. sanctions against Iran would be reinstituted because Tehran wasn’t following the Obama-era nuclear deal.

Iranian leaders have labeled the U.S. action as “void and illegal,” with most of the rest of the world agreeing ahead of the U.N. General Assembly this week.

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