After Sanctions Are Reimposed.. The Iranian Currency Drops to Its Lowest Level

SadaNews - The Iranian rial recorded its lowest levels against the dollar today, Sunday, after the re-imposition of United Nations sanctions, according to several websites specializing in currency tracking.

According to the unofficial black market rate, the dollar was trading at around 1.12 million Iranian rials, according to the reference sites Bonbast and Alan Chand.

Before France, Britain, and Germany activated the "snapback mechanism", the price of one dollar was slightly over a million Iranian rials.

On Sunday, Iran condemned the re-imposition of UN sanctions after 10 years of their lifting, following the stalled talks between Tehran and Western powers regarding Tehran's nuclear program.

The strict sanctions were re-imposed on Saturday after the failure of nuclear negotiations, but Europeans and Americans confirmed that this does not mean the end of diplomacy.

The sanctions prohibiting transactions related to Iran's nuclear and missile programs, alongside other measures, automatically came into effect at 8 PM New York time on Saturday, after 10 years of their lifting, and are expected to have broader impacts on the economy.

Iran's nuclear program is causing a deterioration in Tehran's relations with Western capitals, which, alongside Israel, suspect Tehran is seeking to acquire a nuclear bomb.

Iran strongly denies this and insists on its right to nuclear energy for civilian purposes.