TEHRAN, Iran (AP) – Iran’s currency fell to an all-time low Wednesday. Donald Trump is once again confirmed as US Presidentsuggesting new challenges await Iran in maintaining the status quo. Engaged in an escalating war in the Middle East.
Traders in Tehran said the rial hit a record, trading at 703,000 rials to the dollar, but recovered slightly to 696,150 rials to the dollar later in the day.
The cause of the rise was not immediately clear, but Iran’s central bank has in the past flooded the market with more hard currency in an attempt to improve rates.
The decline came amid already considerable hardship due to the sharp fall in the value of the rial, and as the mood on Tehran’s streets darkened among some people.
“He will 100 percent increase the sanctions,” said Amir Agayan, a 22-year-old student. “The unfavorable situation for us will get even worse. Our economic and social situation will definitely worsen.”
He added: “I feel like this country is about to collapse.”
At that time in 2015, Nuclear deal between Iran and world powersthe rial was 32,000 to the dollar. On July 30th, Iranian reformists President Masoud Pezeshkian takes office And when the term began, the rate was $1 = 584,000.
President Trump unilaterally withdrew the United States from the agreement in 2018, sparking years of tension between the two countries that continues to this day.
Iran’s economy has been struggling for years crippling international sanctions The country’s rapidly progressing nuclear development program is currently enriching uranium to near weapons-grade levels.
Pezeshkianwas elected after he died in a helicopter crash. Hardline President Ebrahim Raisi He came to power in May on a promise to reach a deal to ease Western sanctions.
But for weeks, the Iranian government has sought to downplay the impact on Iran no matter who wins Tuesday’s U.S. election. This stance continued on Wednesday with a brief comment from Fatemeh Mohajerani, a spokeswoman for Pezeshkian’s government.
“The election of the president of the United States has nothing to do with us in particular,” she said. “The main policies of the United States and the Islamic Republic are fixed and cannot be significantly changed by people replacing others. We have already made the necessary preparations in advance.”
By noon Wednesday, the Middle East had President Donald Trump Elected 47th President of the United States In a remarkable political comeback.
Forty-five years after the war, tensions between the two countries remain high. The 1979 U.S. Embassy Occupation and 444-day Hostage Situation That continued. Before the revolution, the rial traded at 70 rials to the dollar.
Iran remains trapped Middle East war roiling the regionAllies of militant groups and fighters in the self-proclaimed “Axis of Resistance” have been hit hard, including the Palestinian militant group Hamas, Lebanon’s Hezbollah and Yemen’s Houthi rebels.
Israel is pushing ahead with its war in the Gaza Strip and invasion of Lebanon, targeting Hamas, amid a devastating attack on Hezbollah. At the same time, Iran appears to still be assessing the damage. Israel attacks the Islamic Republic on October 26th In response to two ballistic missile attacks by Iran.
Iran has threatened to retaliate against Israel, where the US military currently has a missile defense squadron.
Mahmoud Parvari, 71, a taxi driver in Tehran, doesn’t mince words when talking about President Trump.
“I feel like I’m looking at the devil,” he said. “He looks like Satan, his eyes are like Satan, and his actions are like a madman.”
But another taxi driver, who gave his last name only as Hosseini, offered a more pragmatic view.
“If it helps my country, I definitely” would strike a deal with President Trump, he said. “It doesn’t matter if it’s Trump or someone else. At the end of the day, he’s a human being.”
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Associated Press writer John Gambrell in Dubai, United Arab Emirates, contributed to this report.
