The Iranian rial fell to a record low against the U.S. dollar, according to a report cited by BlockBeats on Aug. 24. Data from exchange-rate tracking website Bonbast showed that on Monday, the rial weakened to 2.039 million against the dollar in Iran’s unofficial market, marking a fresh all-time low.
The move came after the United States said it would impose an unprecedented level of pressure on Iran’s economy. The report said the currency has remained under strain as Washington seeks to isolate Iran further by threatening some of the country’s remaining trade partners, blocking its main Persian Gulf ports, and curbing oil exports in an effort to cut off its economic channels.
Iranian financial newspaper Donya-e-Eqtesad, translated in the source as 《世界经济报》, said the rial’s depreciation was driven by several factors. Those included obstacles to foreign exchange fund transfers, weaker exports, rising import demand, and mounting inflation expectations.
The Iranian rial has fallen to a record low against the U.S. dollar, according to an Aug. 24 report cited by BlockBeats.
Data from exchange-rate tracking website Bonbast showed that on Monday, the rial traded at 2.039 million per dollar in Iran’s unofficial market, the weakest level on record.
The decline followed earlier remarks from the United States that it would apply an unprecedented level of pressure on Iran’s economy. The report said the rial has stayed under pressure as Washington tries to deepen Iran’s isolation by threatening some of its remaining trade partners, blocking the country’s main Persian Gulf ports, and restricting oil exports to cut off economic channels.
Iranian financial newspaper Donya-e-Eqtesad, referred to in the source as 《世界经济报》, said the rial’s slide was driven by several factors, including barriers to foreign exchange transfers, weaker exports, stronger import demand, and rising inflation expectations.
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