Iran’s rial weakens to new record low over US sanctions fears

Iran’s rial weakened to a new low, breaching 300,000 to a dollar for the first time on the unregulated market in Tehran, three currency traders said.

It has now lost more than 46% of its value since January as the Middle East’s worst coronavirus outbreak compounded the impact of U.S. sanctions on critical oil exports. The deteriorating outlook triggered panic buying of euros and dollars on the open market.

Iran’s Rial at Record Low as Fears Grow Ahead of U.S. Election

The U.S. is considering yet more sanctions that would effectively sever Iran from the global economy. That proposal includes targeting those banks still able to facilitate imports, including of humanitarian goods, people familiar with the matter said on Monday.