DUBAI — Iran's currency plunged to another record low on Sunday, dropping past 100,000 rials to the US dollar as Iranians brace for August 7 when the United States is due to reimpose a first lot of sanctions on their economy. Amir Vahdat And David Rising, The Associated Press 

 



TEHRAN, Iran -- Iran's currency plummeted to a record low Monday, a week before the United States restores sanctions lifted under the unraveling nuclear deal, giving rise to fears of prolonged economic suffering and further civil unrest. Upon its withdrawal in May, US decided to re-impose sanctions on Iran, accusing it of posing a security threat, and has told countries they must halt all imports of Iranian oil from November or face US financial measures, reported Reuters. On Sunday, the Iranian rial plunged to 111,500 against one US dollar on the unofficial market, down from about 97,500 rials on Saturday, according to foreign exchange website Bonbast.com. Since April, the rial’s value has halved because of a weak economy, financial difficulties at local banks and intense demand for dollars among the Iranian people who fear the effects of the sanctions after the US pulled out of the Iran nuclear deal in May. US President Donald Trump has called the agreement one of the worst deals ever negotiated, but in a bid to salvage the accord, Iran's European partners in the nuclear deal are preparing a package of economic measures to offset the US pullout.
The Iranian rial hits another record low against the US dollar ahead of August 7, when the first round of fresh United States sanctions against Iran begin.