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Iran Rial Resumes Drop as Oil Sales Sink Ahead of Sanctions

  • U.S. set to target Iranian crude exports from November
  • Depreciation is a further blow to embattled leader Rouhani
Updated on

Iran’s rial dropped sharply and foreign-exchange traders shut shop as concerns grew that authorities may be powerless to defend the currency as U.S. sanctions bite.

Exchange houses in downtown Tehran priced the dollar between 118,000 rials and 121,000 rials, roughly a nine percent fall from Sunday. Half a dozen traders around Ferdowsi Avenue -- the heart of foreign-exchange dealing in the capital -- put up signs saying they weren’t selling or buying the greenback.