IRAN’S CURRENCY FALLS TO AN ALL-TIME LOW IN THE WAKE OF TRUMP’S VICTORY

Wed 06 November 2024:

Iran’s currency, the rial, fell on Wednesday to an all-time low as former President Donald Trump was on the verge of clinching the US presidency again.

The rial traded at 703,000 rials to the dollar.

In 2015, at the time of Iran’s nuclear deal with world powers, it was at 32,000 to $1. On July 30, the day that Iran’s reformist President Masoud Pezeshkian was sworn in and started his term, the rate was 584,000 to $1. Trump unilaterally withdrew America from the accord in 2018.

The slide comes as the rial already faces considerable woes over its sharp slide in value — and as the mood on the streets of Tehran among some darkened.

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“One-hundred percent he will intensify the sanctions,” said Amir Aghaeian, a 22-year-old student. “Things that are not in our favor will be worse. Our economy and social situation will surely get worse.” He added: “I feel the country is going to blow up.”

Pezeshkian, elected after a helicopter crash killed hard-line President Ebrahim Raisi in May, came to power on a promise to reach a deal to ease Western sanctions.

However, Iran’s government has for weeks been trying to downplay the effect on Tehran of whoever won Tuesday’s election in the United States. That stance continued on Wednesday with a brief comment from Fatemeh Mohajerani, a spokeswoman for Pezeshkian’s administration.

”The election of the U.S. president doesn’t have anything specifically to do with us,” she said. “The major policies of America and the Islamic Republic are fixed, and they won’t heavily change by people replacing others. We have already made necessary preparations in advance.”

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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