Iranian currency falls after EU countries decide to re-impose sanctions

On Saturday, August 30, the Iranian rial approached a record low after leading European powers took punitive measures against the Islamic Republic for failing to fulfill its nuclear obligations. This was reported by Bloomberg, writes UNN.

DetailsAccording to online currency trackers and a Tehran-based trader, on the first day of the working week in Iran, the currency fell to 1,040,000 per US dollar on the unregulated market.

This is almost equal to the historical low of 1,050,000 recorded at the end of March.

The fall came after Britain, France, and Germany decided to refer Iran’s case to the UN for violating the 2015 nuclear deal, triggering a 30-day “snapback” mechanism that could reinstate sanctions previously lifted under the agreement.

Iranian President Masoud Pezeshkian stated that Tehran is determined to prevent new sanctions.

The US welcomed Europe’s move, while emphasizing that Washington remains open to “direct dialogue with Iran” for a “peaceful, lasting solution.”

AdditionEarlier, Iranian Foreign Minister Abbas Araghchi called the appeal “immoral, unjustified, and illegal,” warning that it would “seriously undermine” Iran’s relations with the UN nuclear watchdog.

The renewed weakening of the rial follows a brief rally earlier this year, when the currency appreciated by about 20% amid optimism about the resumption of nuclear talks between Tehran and Washington, which began in April.

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