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Iran’s Rial Slumps to Record Low Amid Protests, Nuclear Talks

The Iranian rial fell to its lowest level ever recorded in the country’s unregulated, open market on Saturday as protests against the government continued and hopes of reviving the nuclear deal remained slim. 

The rial slumped to an average of 363,500 to the US dollar, according to two exchange shops in the capital Tehran and local websites monitoring foreign currency prices. The rial has lost more than 40%  against the dollar since August 2021, when ultraconservative cleric Ebrahim Raisi, who had pledged to rein in a turbulent currency market, was sworn in as Iran’s new president.