Title : Iran's Currency Hits A New Low
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Iran's Currency Hits A New Low
A man displays the Iranian currency at Ferdowsi square in Tehran, Iran July 2, 2020. Mohamadreza Nadimi/WANA (West Asia News Agency) via REUTERS
Reuters: Iran's rial hits record low as tension spikes with the U.S.
DUBAI (Reuters) - The Iranian rial fell to a record low against the U.S. dollar on the unofficial market on Sunday, a day after the U.S. President Donald Trump’s administration declared all United Nations sanctions on Tehran had been restored.
The dollar was offered for as much as 273,000 rials, up from 267,800 rials on Saturday, according to foreign exchange site Bonbast.com, which tracks the unofficial market.
Iran has dismissed the U.S. move as “void and illegal” and U.N. Secretary-General Antonio Guterres told the Security Council on Saturday he cannot take any action on the U.S. declaration because “there would appear to be uncertainty” on the issue.
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Update: Iranian currency hits record low after Trump administration says UN sanctions have been reimposed (The Hill)
WNU Editor: Aside the bluster from Iran that new US sanctions will be defeated .... Iran vows 'crushing response to US bullying' after sanctions announcement (BBC). And the UN saying there is no mandate for sanctions .... UN Chief: No UN Support for Reimposing Iran Sanctions Now (VOA/AP). Where it really counts is in the currency markets, and in those markets everyone has made the calculation that US sanctions are going to hurt.
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