Amid soaring inflation and a nuclear deal standoff, the Iranian currency plummeted to an all-time low against the US dollar on Sunday.
With foreign currencies fiercely rallying against it, the fledgling rial dropped to 332,000 against the greenback for the first time in Iran’s history.
Sending ripples of fear and shock across the sanctions-hit country, the currency has seen more than 25 percent devaluation since March and an almost tenfold drop since 2017.
The latest fall comes amid a stalemate in nuclear deal talks between Iran and the West and days after the UN nuclear watchdog’s 35-member board of governors adopted a resolution censuring Iran over its nuclear activities.
In response, in addition to feeding gas into advanced IR-6 centrifuges, marking a fresh escalation in tensions with the West, Iran announced that it was turning the International Atomic Energy Agency’s (IAEA) surveillance cameras operating beyond the safeguards agreement offline.