DUBAI (Reuters) – Iran's currency extended its fall on Saturday, hitting a new all-time high against the U.S. dollar amid uncertainty over Donald Trump's arrival in the White House and tensions with the West over Tehran's nuclear program.
The rial fell to 756,000 to the dollar on the unofficial market on Saturday, compared to 741,500 on Friday, according to Bonbast.com, which reports exchange rates. The website bazar360.com said the dollar was being sold for around 755,000 rials.
Facing an official inflation rate of around 35%, Iranians looking for safe havens for their savings have been buying dollars, other hard currencies, gold or cryptocurrencies, suggesting more headwinds for the rial
The dollar has been gaining against the regime since trading around 690,000 sovereigns in early November amid concerns that Trump would resume his “maximum pressure” policy against Iran with tougher sanctions and empowering Israel to strike Iran's nuclear sites.
Iran's currency fell again after the UN nuclear agency IAEA's board of governors adopted a European resolution against Tehran – increasing the risk of new sanctions – and after the fall of Syrian President Bashar al Assad, who is a longtime friend of Islam. Republic.
Trump in 2018 rejected a nuclear deal struck by his predecessor Barack Obama in 2015 and reimposed US economic sanctions on a relaxed Iran. The deal had limited Iran's ability to enrich uranium, a process that can produce the material needed for nuclear weapons.
The Iranian sovereign has lost more than 90% of its value since the sanctions were reimposed in 2018.
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