Iranian currency slides to new lows amid uncertainty, isolation


Iran’s troubled currency fell to new lows against the US dollar on Saturday amid continued unrest and the country’s growing isolation from Western criticism of the crackdown. security and relations with Russia.

The dollar sold for 370,200 rials on the unofficial market on Saturday, up from 367,300 on Friday, according to foreign exchange website

The rial has lost 13.8% of its value since nationwide protests erupted over the death of a 22-year-old Iranian-Kurdish woman, Mahsa Amini, on September 16 in police custody. .

The unrest poses one of the biggest challenges to the theocracy in Iran since the Islamic Revolution in 1979.

Economic website Ecoiran said traders see little hope of a revival of Iran’s nuclear deal with world powers and see growing Western pressure over Tehran’s crackdown on Iran. with the protests and the country’s military relationship with Russia.

These include the alleged sale of drones used by Russia in the war in Ukraine, which Tehran and Moscow have denied.

“Some (traders) say current international conditions make the chances of a nuclear deal resumption low and this has prompted cautious buyers to enter the dollar market,” Ecoiran said. . “The price of this currency is on the rise.”

“From the point of view of some (traders), this news (about US and Western pressure on Iran) may attract the attention of currency speculators,” Ecoiran said. added that the central bank could still support the rial.

The United States announced new military aid to Ukraine on Friday and vowed to break Russia’s ties with Iran, while Canada imposed new sanctions on Russia and Iran over human rights abuses. alleged, and Australia said on Saturday it would impose targeted sanctions on Russia and Iran.

Germany on Friday condemned the first execution of a protester in Iran, while Britain announced sanctions against those including officials from Russia and Iran it says are responsible for human rights abuses. or corruption.

(Reporting by Dubai newsroom; Editing by Jan Harvey)

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