Iran’s currency hits record low as Trump wins US presidential election

Iran’s currency, the rial, plunged to an unprecedented low against the U.S. dollar on Wednesday, trading at 703,000 rials to $1.

The dramatic drop coincides with the news of former U.S. President Donald Trump’s potential return to office.

This sharp contrast highlights the rial’s drastic decline from 32,000 to the dollar in 2015, when Iran’s nuclear deal with world powers was intact.

The rial’s downward spiral follows years of economic strain and sanctions, particularly after Trump withdrew from the nuclear agreement in 2018.

The sanctions have intensified under Iran’s advancing nuclear program, which now enriches uranium near weapons-grade levels. President Masoud Pezeshkian, who took office in July following the unexpected death of hard-line predecessor Ebrahim Raisi, promised to negotiate sanction relief, though significant progress remains elusive.

The Iranian administration, represented by spokeswoman Fatemeh Mohajerani, downplayed the U.S. election’s impact on Tehran’s policies.

“The major policies of America and the Islamic Republic are fixed,” she stated, asserting that Iran has prepared for any potential U.S. leadership shifts.

Meanwhile, regional tensions persist as Iran remains embroiled in conflicts across the Middle East, with allies in Gaza, Lebanon, and Yemen facing intense clashes.

Israel’s ongoing operations in Gaza and Lebanon, coupled with its October 26 strikes on Iran, have raised the stakes. Iran has threatened retaliation against Israel, where U.S. troops are currently stationed to operate a missile defense battery.