Iran's Currency Hits A New Low

A money changer counts out US dollars for a customer, Tehran, Iran, Jan. 20, 2016. REUTERS/Raheb Homavandi

Daily Mail/Reuters/AP: Iran's currency in free fall as American sanctions loom following U.S. decision to withdraw from nuclear deal

* Iranian currency plunges to a low of 115,000 rials against one U.S. dollar
* Rial has lost about half of its value since April because of a weak economy
* U.S. set to reimpose sanctions on Iran after pulling out of 2015 nuclear deal

Iran's currency is continuing its downward spiral as increased American sanctions loom, hitting a new low on the thriving black market exchange.

On Sunday, the Iranian rial plunged to a low of 111,500 against one U.S. dollar on the unofficial market, down from about 97,500 rials on Saturday, according to foreign exchange website Bonbast.com.

Other websites said the dollar was exchanged between 108,500 and 116,000 rials.

The rial has lost about half of its value since April because of a weak economy, financial difficulties at local banks and heavy demand for dollars among Iranians who fear the effects of sanctions.

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Update: Iran's rial hits record-low 100,000 to the dollar (France 24)

WNU Editor: Iran's economy is already weak because of mismanagement, poor government policies, and corruption. This recent plunge is just another sign that people who have wealth and money in Iran no longer have confidence in the Tehran government when it comes to the economy.

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