Iranian currency hits new low against the dollar amid unrest

Iranian currency hits new low against the dollar amid unrest

DUBAI: The currency of Iran dropped to its lowest price in relation to the US dollar Tuesday after weeks of widespread tensions that have engulfed the country. The stalemate in talks to revive Iran’s nuclear agreement with world powers also had a significant impact on the rial.

The traders in Tehran exchanged rials at 338,000 dollars which were up from 332,200 on Monday.

The currency of Iran was trading at 32,000 rials per dollar prior to the 2015 nuclear agreement which was lifted by international sanctions in exchange for strict restrictions on Tehran’s nuclear program.

The rial’s latest low is in the wake of protests, which were first triggered by the September.

Protesters have targeted Iran’s government-mandated hijab, or headscarf, for women. But the economic condition of the country’s economy is also a major factor that is driving Iranians out into the streets. High unemployment, soaring prices, and corruption are the main reasons behind the uprising.

The Iran nuclear deal is in danger of the brink of collapse since talks were halted several months ago. Following protests in the US and EU, there was a flurry of protests. US and EU added sanctions on Iran for its brutal treatment of protesters and their decision to send thousands of drones into Russia to use for its war in Ukraine.

The White House has faced growing pressure to end the agreement completely. The US special representative for Iran, Robert Malley, stated in a statement on Monday, that Administration “makes no apology” for the decision to not declare the agreement.

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The Iranian economy has been severely damaged since the time that former President Donald Trump withdrew the US from the nuclear agreement in the year 2018 and reinstated sanctions that ensnared Iran’s vital banks and oil sectors.

Many people have been detained throughout the country as part of the crackdown on protests, rights groups say the Iranian judiciary has confirmed that more than 1,000 people have been charged with involvement in what it calls “riots.”

Five men are on trial who are accused of offenses that could result in capital punishment for the weekend protests that began in Tehran.

One of the suspects, Mohammad Ghobadlou, was sentenced to execution in the initial trial according to a clip from his mother, which was published on the website of Washington’s Abdurrahman Boroumand Center. However, this hasn’t yet been confirmed by the justice system.

The well-known Iranian singer Toomaj Salehi has become the most prominent celebrity to be detained as per the New York-based Center for Human Rights in Iran.

At least 46 journalists have been detained in the last few days in the report of the city-based Committee to Protect Journalists. Tehran Journalist Marzieh Amiri is among the latest to be arrested Her sister Samira posted on Instagram.

In the meantime, the renowned freedom of expression advocate as well as Wall Street Journal contributor Hossein Ronaghi, who was detained just after the protests started was put on “hunger strike and not well,” his brother Hassan posted via Twitter following the protester’s being allowed the opportunity to meet with parents.

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