Amid nuclear deal’s uncertainties, Iran’s currency has hit a new low

• Iran’s national currency has hit new all-time lows against the US dollar.
• The rial fell to close to 330,000 in the open market on Saturday and Sunday.
• This is Iran’s lowest rate since October 2020 when it had fallen past the 320,000 mark.

Iran’s response to the currency’s depreciation has been a standard combination of cash injections and crackdowns on speculators. Iran’s national currency has dropped to fresh all-time lows; as new occurrences raise questions about the nuclear deal’s full restoration; and the easing of US sanctions. In recent days, the rial has dropped to historic lows versus the dollar; trading at close to 330,000 in the open market on Saturday and Sunday; the first two days of the Iranian working week.

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These are the lowest prices for the struggling currency since October 2020; when it fell below 320,000 following the adoption of fresh US sanctions; that effectively cut off the entire Iranian banking sector from the global financial system. The rial’s fresh freefall comes after the board of the International Atomic Energy Agency (IAEA) endorsed a resolution condemning Iran’s nuclear programme; which was submitted by the US and its European allies earlier this week. As a result of the agreement, Iran began removing many cameras mounted by the world nuclear watchdog.

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