Iranian Rial hits new record low on unofficial market, as sanctions, pandemic weigh

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Iranian Rial hits new record low on unofficial market, as sanctions, pandemic weigh

The US sanction-hit resource-rich Mideast nation, Iran’s currency had dipped into a new all-time low against its American peer on the unofficial market on Saturday, while the Iranian Rial has now seen its valuation having been halved this year thus far as the black gold-dependent Iranian economy had been facing off enormous pressures from the west.

In point of fact, since a slew of US sanctions on Iranian crude oil aimed at barring its access into the elite league of nuclear weaponized nations, had made it almost impossible to sell its crude oil, an en-masse sell-off wave had devalued the Iranian currency in the unofficial market over frets that the sanctions from the United States alongside its western allies such as UK, could jeopardize the nation’s fiscal stance further.

US Dollar is traded as much as 255,300 Iranian Rials per Dollar as pandemic adds further glooms into the economically embattled Gulf nation

Aside from that, according an Iranian economic daily, Donya-e-Eqtesad’s website, the US Dollar was offered for 252,300 Iranian Rials, up from 241,300 on Friday, while according to the FX site, the American currency had been traded at 255,300 Iranian Rials on Saturday, up from 242,500 Rials a day earlier.

If truth is to be told, although the official exchange rate for Iranian Rial that has been used mostly for the imports of food and medicine for state-backed entities, had been at 42,000 rials per US dollar, the Iranian currency had shrugged off over 48 per cent this year as beforementioned, as a pandemic outbreak in the Mideast nation alongside a steep drop in crude oil prices and US sanctions on its crude oil, had led to the frets that the Gulf nation’s economy would likely to face further downturn, which in effect had prodded tens of thousands of Iranian nationals to ditch out the Iranian currency, eventually propping up the US Dollar against the Iranian Rial in the black market.