*Iran currency drops to all-time low of 332,000 per dollar amid US sanctions | Business Standard News

Clipped from: https://www.business-standard.com/article/international/iran-currency-drops-to-all-time-low-of-332-000-per-dollar-amid-us-sanctions-122061200519_1.html

Traders in Tehran exchanged the rial at 332,000 to the U.S. dollar, up from 327,500 on Saturday

Iranian currency, rial

Photo: Reuters

Iran’s currency Sunday dropped to its lowest value ever as talks to revive the country’s tattered nuclear deal with world powers remained deadlocked.

Traders in Tehran exchanged the rial at 332,000 to the U.S. dollar, up from 327,500 on Saturday.

That marked more than a 4.4% change compared to June 1 when it traded at 318,000 to the dollar.

Iran’s currency was trading at 32,000 rials to the dollar at the time of Tehran’s 2015 nuclear deal with world powers.

The rial’s new low came as U.S. sanctions against the country are still in force. Iran’s economy is struggling mightily mostly because of the U.S. pullout from the 2015 nuclear deal between Iran and world powers that restored sanctions on Iran’s oil and banking sectors.

Talks in Vienna to renew the agreement have been deadlocked for months.

Meanwhile, police arrested 31 currency and gold traders accused of creating false demand in the market, state TV reported without elaborating.

Separately, Iran’s Maha Air spokesman denied owning a Boeing 747 that Argentina seized after it landed Monday in Cordoba, Argentina.

Hossein Zolanvari told the official IRNA news agency that his company sold the Boeing to a Venezuelan company about a year ago.

Mentioning Mahan Air in connection with the impounded airplane has aimed at political purposes, he said.

He said the plane’s crew also have no connection to Mahan Air.

It wasn’t clear if the plane was on a list of Iranian aircraft subject to U.S. sanctions.

Venezuelan leader Nicolas Maduro visited Iran over the weekend. Both nations are under the U.S. sanctions.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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