Is Iran close to downfall after following the footsteps of Pakistan? Iranian Rial at all-time low- Watch Video

25 Feb, 2023 Author: Saumya Jaiswar

The rial, the native currency of Iran, plunged to a new record low on Thursday as the country's foreign exchange market closed. rials were exchanged for 52,650 US dollars, according to the currency tracking website Bonbast.

The latest government action announced earlier this week to stop the depreciation, which has been getting worse since September, failed to stop the steep decrease.

The depreciation of the Iranian rial also coincides with claims that Tehran supplied drones to Russia for use in the Ukraine war and an impasse over negotiations in Vienna to save the 2015 nuclear deal.

It is important to note that since May 2018, when the previous US administration pulled out of the nuclear agreement, Iran's currency has lost seven times its value, contributing to the nation's economic crises and highest inflation rates.