Last remaining seats to the Jpost 2017 Annual Conference! Get your special offer now

Rial falls sharply as West looks to push Iran's isolation

September 9, 2012 15:58

DUBAI - Iran's currency, the rial, plunged to an all-time low on Sunday, exchange traders said, as Western nations sought to further isolate the country economically and diplomatically.

The rial's latest slump coincides with Canada's unexpected decision to sever ties with Iran and talks among European Union member states about introducing further embargoes against Iran.

The United States and its allies have imposed sanctions since the beginning of the year over Tehran's nuclear activities which they suspect are part of a drive to develop a weapons capability, allegations which Iran has repeatedly denied.

The open-market dollar rate stood at around 24,000 rials, traders told Reuters by telephone on Sunday, a slump of nine percent over three days.

On Thursday, the rial traded at about 22,000 to the dollar, they said.

Share this article via
from around the web
Related Content
Breaking news
May 1, 2017
Police arrest couple allegedly behind LA shooting spree


Top Stories
Israel Weather
  • 15 - 34
    Beer Sheva
    17 - 28
    Tel Aviv - Yafo
  • 15 - 28
    15 - 27
  • 22 - 34
    19 - 33