Iran’s currency, the rial, saw its largest drop in value on Wednesday, trading at 703,000 rials to the dollar, following the victory of Donald Trump in the U.S. presidential election. The rial’s sharp decline, which slightly recovered later, highlights new economic challenges for Tehran amid ongoing regional conflicts.
This depreciation of the rial reflects the ongoing struggles of Iran’s economy, which is already grappling with the impact of international sanctions. The rial’s value has been on a downward trend since Trump’s election, and the new U.S. administration’s policy towards Iran’s nuclear program remains uncertain.
The rial’s decline is also due to the effects of the COVID-19 pandemic and the ongoing economic challenges in the region. The Iranian government has taken measures to stabilize the currency and support the economy, but the future remains uncertain.
