The Iranian rial fell to a record low against the U.S. dollar on the unofficial market on Sunday, a day after the U.S. President Donald Trump's administration declared all United Nations sanctions on Tehran had been restored.
FILE PHOTO: Iranian rials are seen at a currency exchange shop in the holy Shi'ite city of Najaf, Iraq September 22, 2019. REUTERS/Alaa al-Marjani
The dollar was offered for as much as 273,000 rials, up from 267,800 rials on Saturday, according to foreign exchange site Bonbast.com, which tracks the unofficial market. The three European parties to the nuclear deal - France, Britain and Germany - said in a statement on Sunday that any decision or action taken to reimpose U.N. sanctions “would be incapable of legal effect” because Washington used a mechanism agreed under a 2015 nuclear deal between Iran and world powers, which the United States quit in 2018.
The Iranian foreign ministry described Washington’s efforts as “futile”, adding that “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”.
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