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Iran's currency falls to all-time low as Trump clinches U.S. presidency
The Hindu
Iran’s currency fell on November 6 to an all-time low as Donald Trump clinched the U.S. presidency again, signalling new challenges ahead for Tehran as it remains locked in the wars raging in the Middle East.
Iran's currency fell on Wednesday (November 6, 2024) to an all-time low as Donald Trump clinched the U.S. presidency again, signalling new challenges ahead for Tehran as it remains locked in the wars raging in the Middle East.
The rial traded at 703,000 rials to the dollar, traders in Tehran said. The rate could still change throughout the day. Iran's Central Bank could flood the market with more hard currencies as an attempt to improve the rate, as it has done in the past.
The slide comes as the rial already faces considerable woes over its sharp slide in value — and as the mood on the streets of Tehran among some darkened.
“One-hundred percent he will intensify the sanctions," said Amir Aghaeian, a 22-year-old student. "Things that are not in our favour will be worse. Our economy and social situation will surely get worse.”
He added: "I feel the country is going to blow up.”
In 2015, at the time of Iran's nuclear deal with world powers, the rial was at 32,000 to $1. On July 30, the day that Iran's reformist President Masoud Pezeshkian was sworn in and started his term, the rate was 584,000 to $1.
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