Iran’s national currency stumbled to record-low levels after renewed efforts to revive the country’s nuclear deal failed to make progress.
According to local media reports, the US dollar crossed 300,000 Iranian rials in the open market on Saturday. This level was last seen in October 2020, when the rial crashed to record-low prices against the dollar.
Some traders at currency exchange hubs in central Tehran have reportedly announced that they weren’t selling the dollar on Saturday due to market volatility.
Efforts between Tehran and world powers to save the 2015 nuclear accord seemed unsuccessful this week. Negotiations ended on Friday with no sign of concrete progress.
The next round of talks is scheduled for next week, according to European diplomats.