Iran's Currency Plummets To Record Low Against Dollar

The Iranian currency, the rial, has plummeted more than 600 percent against the dollar since 2015. (file photo)

RFE: Iran's Currency Plummets To Record Low Against Dollar Amid Coronavirus, U.S. Sanctions

Iran’s currency has tumbled against the dollar to its lowest level ever as the country grapples with U.S. sanctions, the coronavirus, and low oil prices.

The rial fell to as low as 193,400 against the dollar on the street market on June 20, according to foreign exchange website Bonbast.com. The economic daily Donya-e-Eqtesad gave the dollar rate as 190,800.

The Iranian currency has plummeted more than 600 percent against the dollar since Iran and world powers in 2015 signed a nuclear deal. Before Iran recorded its first case of the coronavirus in mid-February, the rial was trading at around 140,000 against the greenback.

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Update #1: Iran currency drops to record low after rebuke by UN nuclear watchdog (Middle East Eye)
Update #2: Iran’s Currency Plunges Against Dollar Amid Virus, Sanctions (Bloomberg)

WNU Editor: Sanctions. Never-ending wars. Pandemic. Collapse of oil prices. Growing unrest. I am surprised that the Iranian rial has not fallen further.

Update #3: No kidding .... Iran's economy in desperate need of solutions (Al-Monitor).