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Iranian currency dips to historic low amid sanctions, pandemic, foreign policy decisions

Iran has seen the rial’s value fall by almost half this year as the currency now stands at a record low against the US dollar, triggered by ongoing sanctions, coronavirus restrictions and, according to some experts, Iran's foreign policy adventures since the 1979 revolution.
An Iranian youth, wearing a protective mask due to the COVID-19 pandemic, checks the currency exchange rates in Tehran on June 22, 2020. (Photo by ATTA KENARE / AFP) (Photo by ATTA KENARE/AFP via Getty Images)

Iran’s currency dropped to its lowest value ever against the US dollar last week amid crushing sanctions by Washington, a disastrous response to the coronavirus pandemic and a string of disjointed foreign policy efforts that have caused distrust in the regime and caused money to flee the country.

On Thursday, the rial fell to 300,000 to the US dollar; it had been at 262,000 only a few weeks before. That's an enormous drop from 2015, when the rate was just 32,000 rials to the dollar.

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