WorldEconomy
Iran's rial hits record low amid U.S. tensions; Arab ministers condemn attacks
Iran's currency fell to a record low, with traders in Tehran exchanging 2.20 million rials for one U.S. dollar, hours after an exchange of fire with the U.S. over the Strait of Hormuz. Separately, the Council of Arab Interior Ministers described Iranian attacks on four Arab states as a violation of international law.
Iran's currency market hit a record low Wednesday, when traders in Tehran exchanged 2.20 million rials for one U.S. dollar. That was nearly 10% weaker than the previous week's record of 2.02 million rials, set on Aug. 25. The drop came hours after an exchange of fire between Iran and the United States over control of the Strait of Hormuz.
The rial had already been under pressure before the U.S. and Israel attacked Iran on Feb. 28, as Iran faced double-digit inflation and negative growth. The currency has repeatedly hit new lows since the war began.
In a separate development, the Council of Arab Interior Ministers described Iran's attacks on Kuwait, Jordan, the United Arab Emirates and Bahrain as a "violation of international law."
- Iran Economy
- US-Iran war
From
WorldEconomy
Iran's rial hits record low amid U.S. tensions; Arab ministers condemn attacks
Iran's currency fell to a record low, with traders in Tehran exchanging 2.20 million rials for one U.S. dollar, hours after an exchange of fire with the U.S. over the Strait of Hormuz. Separately, the Council of Arab Interior Ministers described Iranian attacks on four Arab states as a violation of international law.
Iran's currency market hit a record low Wednesday, when traders in Tehran exchanged 2.20 million rials for one U.S. dollar. That was nearly 10% weaker than the previous week's record of 2.02 million rials, set on Aug. 25. The drop came hours after an exchange of fire between Iran and the United States over control of the Strait of Hormuz.
The rial had already been under pressure before the U.S. and Israel attacked Iran on Feb. 28, as Iran faced double-digit inflation and negative growth. The currency has repeatedly hit new lows since the war began.
In a separate development, the Council of Arab Interior Ministers described Iran's attacks on Kuwait, Jordan, the United Arab Emirates and Bahrain as a "violation of international law."
- Iran Economy
- US-Iran war
From