Iran currency falls as nuclear talks hit roadblock

Iranian rials are seen at a currency exchange shop in Baghdad, Iraq, Aug. 8, 2018. (Reuters photo)

SULAIMANI (ESTA) — The Iranian rial currency fell on Sunday but remained above historic lows after news that talks with world powers to revive the 2015 Iran nuclear accord may have run into difficulties.

Indirect U.S.-Iranian talks on saving the 2015 Iran nuclear deal broke off on Friday until next week, with European officials voicing dismay at sweeping demands by Iran’s new, hardline government.

Washington said Tehran “does not seem to be serious”.

In Iran, the U.S. dollar was selling for as much as 300,300 rials on the unofficial market on Sunday. It was 302,200 on Saturday, according to the foreign exchange site Bonbast.com.

“The market has received a first shock from the nuclear accord [talks],” wrote the economic news website eghtesadnews.com, according to Reuters.

It said the dollar gained 6,000 rials to 299,500 before rising above 300,000 on Saturday.

In October 2020, the rial currency hit a record low of about 320,000 to a dollar as a drop in oil prices deepened the economic crisis in the country already reeling under U.S. sanctions and the highest COVID-19 death toll in the Middle East.

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