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Iranian Rials Devalue more

Further to fresh sanctions from the United States, the Iranian currency Rial saw new falls on Thursday.

The US handed over penalties to 18 banks for moving away from sanction rules of Iran. The action had affected Iranian financial sector further negative.

Nearly 60% devaluation happened to the currency as it is trading at 312,000 per US Dollar now. Sources say that the range had gone upto 317,000 per USD from the previous 303,000 per Dollar.

As per Iranian Central Bank, it would influx $50 Million daily for supporting the currency and economy.

As per experts, the worse is yet to come as more European banks are back footing from dealing with Iran. It may affect Iran’s medical purchases too when the Covid-19 situation affected the country badly.

SourceReuters

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