Iran's currency hits lowest value ever against the dollar

Iran's currency has dropped to its lowest value ever at 190,000 rial for each dollar amid severe US sanctions against the country.US sanctions have caused Iran's oil exports, the country's main source of income, to fall sharply. Last week, Senior Vice President Eshaq Jahangiri said that Iran's oil revenues have plummeted to USD 8 billion from USD 100 billion in 2011.

PTI | Tehran | Updated: 20-06-2020 16:04 IST | Created: 20-06-2020 15:58 IST
Iran's currency hits lowest value ever against the dollar
Representative Picture. Image Credit: Flickr

Iran's currency has dropped to its lowest value ever at 190,000 rial for each dollar amid severe US sanctions against the country. The Iranian currency has tumbled from a rate of 32,000 rials to USD 1 at the time of Tehran's 2015 nuclear deal with world powers.

The rial unexpectedly rallied after President Donald Trump's decision to withdraw the US from the nuclear deal and reimpose crippling trade sanctions over two years ago. US sanctions have caused Iran's oil exports, the country's main source of income, to fall sharply.

Last week, Senior Vice President Eshaq Jahangiri said that Iran's oil revenues have plummeted to USD 8 billion from USD 100 billion in 2011. Iran recently sent five tankers with at least USD 45.5 million worth of gasoline and similar products to Venezuela.

It was a way to bring money into its cash-starved Iran and put its own pressure on the US, which under Trump has pursued maximalist campaigns against both nations.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Blockchain in Healthcare: Opportunities and challenges

The use of blockchain in healthcare is a relatively new innovation with many of its uses still being explored and related technologies being developed, improved, and scaled. ...

Debate surrounding vaccine passports and development misses bigger picture

... ...

Blockchain vs IOTA: Looking for a better alternative

... ...

For stability, Iraq needs to crack down on corruption

... ...

Videos

Latest News

Rugby-World Rugby announces dates for postponed women's World Cup

The postponed womens 2021 Rugby World Cup will now be held in New Zealand from Oct. 8 to Nov. 12 next year, the sports global governing body said in a statement on Wednesday. The tournament was originally scheduled for September and October...

GM labor dispute in Mexico sparks worry from U.S. lawmakers, global unions

U.S. lawmakers joined global labor advocacy groups on Tuesday in putting pressure on General Motors Co to ensure worker rights at its Silao plant in Mexico, after the automakers union there was accused of tampering with a worker vote. Mexic...

Venezuela's Guaido backs easing U.S. sanctions as incentive for elections

Venezuelan opposition leader Juan Guaido proposed on Tuesday a progressive lifting of U.S. sanctions as an incentive for President Nicolas Maduro to schedule free and fair elections with parties opposed to his government. Guaido, in a video...

42 killed in Colombia protests, human rights agency says

Forty-two people have died during anti-government protests that began two weeks ago amid discontent fueled by growing poverty and inequality during the pandemic, Colombias human rights ombudsman said Tuesday.The government agency added that...

Give Feedback