Rial Loses 20% Against US Dollar

  • Rial, the Iran currency, has suffered a loss of about 20% against the US dollars in a time span of 2 weeks. The importers and analysts fear the return of the sanctions and even the collapse of the nuclear deal. The foreign exchange market has been nothing less than a sandstorm for the middle-eastern country for the last few weeks. As low as it hits, the Rial loses 8% in a day alone this week. The new rate currently dictates 42,000 rials to a dollar. The government has also declared this week that it could no longer support students studying abroad and now they have to access the open market to buy the foreign currency to pay for their tuition.