Iran's currency plumbs fresh low against dollar | JamiiForums | The Home of Great Thinkers

Dismiss Notice
You are browsing this site as a guest. It takes 2 minutes to CREATE AN ACCOUNT and less than 1 minute to LOGIN

Iran's currency plumbs fresh low against dollar

Discussion in 'International Forum' started by MaxShimba, Sep 12, 2012.

  1. MaxShimba

    MaxShimba JF-Expert Member

    Sep 12, 2012
    Joined: Apr 11, 2008
    Messages: 35,816
    Likes Received: 129
    Trophy Points: 160
    TEHRAN, Iran (AP) — Street traders in Iran say the country's currency has struck a new record low against the U.S. dollar, the second consecutive day it has fallen sharply.

    They say the rial on Monday dropped some 5 percent, with 25,650 rials now needed to purchase one dollar. A day earlier it fell nearly 7 percent.

    The currency's slide is a sign Western sanctions over Iran's nuclear program are biting, although Iran says it has enough reserves and blames nervous markets. The West suspects Iran aims to build nuclear weapons. Iran denies that.

    On July 1, the European Union banned import of Iranian oil, and the U.S. tightened sanctions against Iran's banks.

    The current official rate is 12,260 rials to the dollar, used only for special purposes such as importing food and medicines.

    Iran's currency plumbs fresh low against dollar - Yahoo! News