Iran’s currency hits new low amid anti-government protests

Iran’s currency yesterday fell to a new record low amid the nationwide anti-government protests and the breakdown of the 2015 nuclear deal. Traders in Tehran were exchanging the rial at around six lakh to the dollar yesterday after the currency plunged further from five lakh rials for one dollar on Wednesday.

According to media reports, people have formed long lines in front of exchange offices in recent days, hoping to acquire increasingly scarce dollars. Many have seen their life savings evaporate as the local currency has deteriorated.

Meanwhile, according to Iran’s statistics center, the inflation reached 53.4 per cent in January, up from 41.4 per cent two years ago. Iran’s currency was trading at 32,000 rials to the dollar when it signed the 2015 nuclear accord with world powers.

Iran has been gripped by nationwide protests since September. Demonstrations broke out following the death of 22-year-old Mahsa Amini in the custody of the country’s morality police.

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