Iran's rial falls to record low on US sanctions

January 3, 2012 11:27

TEHRAN - The Iranian rial fell to a record low against the dollar on Tuesday following US President Barack Obama signing a bill on imposing fresh sanctions against the country's central bank.

The new US sanctions, if fully implemented, could hamper the world's major oil producer's ability to sell oil on international markets.

The exchange rate hovered at 17,200 rials to the dollar, marking a record low. The currency was trading at about 10,500 rials to the US dollar last month.

Some exchange offices in Tehran, when contacted by Reuters, said there was no trading taking place until further notice

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