Iranian Rial pummels to new record lows as US tension jitters

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Iranian Rial pummels to new record lows as US tension jitters

On Sunday, the US-sanction hit Tehran’s official currency had been plunged a new record low against its American peer in the unofficial markets, suggesting a Dollar-buying spree among the Iranian nationals over frets of further devaluation of the Iranian Rial.

In factuality, in Iran’s unofficial FX market on Sunday, the American Currency was reportedly being offered for as much as 273,000 Rials, up from a staggering 267,800 Rials per US Dollar on Saturday, an FX site that traces unofficial markets, had revealed late on Sunday.

Iranian Rial dives to new record lows as US restores all UN sanctions on Tehran

Notably, latest holocaust of the Iranian currency followed a Saturday proclamation from the Trump Administration that claimed to have restored all United Nation sanctions on Tehran.

Nonetheless, the UN Secretary General Antonio Guterres was quoted saying to the Security Council shortly after the announcement from the Trump Administration that the UN would not be following the US declaration due to the uncertainties over the issue, while three of the Europe’s largest economies, Germany, Britain and France had also said in a joint statement on Sunday that the Trump Administration lacked legal rights to call for such an action since the United States had quitted a 2015 nuclear deal between Tehran alongside other UN superpowers back in the 2018s.

However, in the latest flashpoint of another tyrannical act from the Trump Administration, the US President Donald Trump was quoted saying over the weekend that he had been working out an executive order that would enable him to incline US sanctions on any country that would violate the US sanctions against the resource-rich Mideast nation.

Aside from that, as the Iranian currency, which had shrugged off more than 49 per cent of its valuation thus far in 2020, had fallen to a record low on Sunday’s unofficial market, calling the Trump Administration’s latest effort “futile,” Iran’s Foreign Ministry said in a statement earlier on the day, “The U.S.

approach is a major threat to the international peace and security and an unprecedented threat to the U.N. and the Security Council. Iran emphasizes that if the U.S., directly or with the cooperation of a number of its allies, makes any move in line with these threats, it will face a serious reaction and should account for all its dangerous consequences.