Tehran, Iran – The Iranian rial hit its lowest level against the dollar on Sunday at around 07:30 GMT.
This is after the re-imposition of United Nations sanctions.
The dollar, according to the unofficial black market price, was trading at about 1.12 million Iranian riyals.
Before France, Britain and Germany activated the “trigger mechanism”, the price of one dollar was just over one million Iranian riyals.
On Sunday, Iran denounced the re-imposition of United Nations sanctions on it 10 years after they were lifted.
This came after talks between Tehran and Western powers regarding Tehran’s nuclear program faltered.
Strict sanctions were also reimposed on Saturday after the failure of nuclear negotiations, but the Europeans and Americans stressed that this did not mean the end of diplomacy.
In addition, sanctions banning transactions related to Iran’s nuclear and missile programs, along with other measures, entered into force automatically at 8 pm New York time on Saturday, 10 years after they were lifted, and are expected to have broader effects on the economy.
The Iranian nuclear program is causing a deterioration in Tehran’s relationship with Western capitals, which, along with Israel, suspect Tehran of seeking to possess an atomic bomb.
Iran strongly denies this, and insists on its right to nuclear energy for civilian purposes.
