Iran's Currency Has Lost a Quarter Of Its Value In The Past Four Days

Iranian rials are seen at a currency exchange shop in Baghdad, Iraq August 8, 2018. REUTERS/Khalid Al-Mousily

Reuters: Iran rial hits record low around 150,000 against dollar: FX websites

DUBAI (Reuters) - Iran rial extended its slide on Wednesday, hitting a record low around 150,000 against the dollar, according to foreign-exchange websites, as the country’s economic fortunes ebb after the United States re-imposed sanctions.

The dollar was being offered for 150,000 rials, compared with about 138,000 rials on Tuesday, according to website Bonbast.com, which tracks the unofficial market. The website bazar360.com also quoted 150,000. Mesghal.online gave an exchange rate of 152,530.

The rial has lost more than two-thirds of its value this year because of a weak economy, financial difficulties at local banks and heavy demand for dollars among Iranians. Many fear the Washington’s pulling out of a 2015 nuclear deal and renewed U.S. sanctions will cut into Iran’s exports of oil and other goods.

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Update: Iran’s rial at worst rate yet amid collapse of nuclear deal (AP)

WNU Editor: The collapse of the currency will not only significantly raise the inflation rate, but it will put enormous political pressure on the Iranian government of Hassan Rouhani.

Update #2: Yup .... Rouhani’s Only Use Now Is as a Scapegoat (Bloomberg).

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