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Iran's rial hits a record low, battered by regional tensions and an energy crisis


Published on 2024-12-18 05:41:08 - WTOP News
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  • TEHRAN, Iran (AP)
  • The Iranian rial on Wednesday fell its lowest level in history, losing more than 10% of its value since Donald Trump won the U.S. presidential election in November and signaling new challenges for Tehran as it remains locked in the ...

Iran's currency, the rial, has plummeted to a record low of 613,500 against the U.S. dollar, driven by a combination of regional tensions and an ongoing energy crisis. The depreciation is exacerbated by the Israel-Hamas conflict, which has led to increased military activities and threats in the region, including attacks on shipping in the Red Sea by Yemen's Houthi rebels, who are backed by Iran. Additionally, Iran faces internal challenges such as a severe drought affecting its hydroelectric power generation, leading to electricity rationing and increased reliance on natural gas, which has also seen reduced exports due to domestic needs. These factors, combined with U.S. sanctions, have significantly weakened the rial, impacting the economy and daily life in Iran.

Read the Full WTOP News Article at:
[ https://wtop.com/business-finance/2024/12/irans-rial-hits-a-record-low-battered-by-regional-tensions-and-an-energy-crisis/ ]