Iran's Rial Plummets Amid Political Tensions

Iran's rial reached an all-time low of 703,000 to the dollar as former U.S. President Donald Trump nears potential re-election. This underlines persistent tensions since Trump's 2018 withdrawal from the nuclear accord, which initially saw the rial at 32,000 to the dollar in 2015.

Iran's national currency, the rial, has plummeted to a record low of 703,000 to the dollar on Wednesday, raising alarm in the economic sector.

The fall stems from rising political tensions and speculation surrounding the potential re-election of former U.S. President Donald Trump. The currency was significantly stronger in 2015 during Iran's nuclear deal with global powers, trading at 32,000 to the dollar.

The unilateral withdrawal by Trump from this accord in 2018 escalated conflicts that continue to strain relations today.

(With inputs from agencies.)