Iran currency dips to new low of 1.2M per dollar as sanctions bite: What to know
Since US President Donald Trump took office in January, the rial has plummeted.
Iran’s currency has hit a record low as the country faces tightening international sanctions, compounding the country's economic woes amid severe water shortages and a worsening energy crisis.
The rial slid to 1,207,500 to the US dollar on Wednesday, according to currency tracker Navasan, extending a depreciation trend that has deepened since international sanctions were imposed in September.
In August, the rial crossed the threshold of 1 million to the dollar for the first time. By September — after the European signatories to the 2015 Iran nuclear plan reimposed UN sanctions on Iran — the currency reached 1,130,000 rials to the dollar.
Trump squeeze
