5.5 C
London
Tuesday, December 3, 2024
HomeNewsMiddle EastThe Iranian Rial Plunges to Record Low After Attack on Israel

The Iranian Rial Plunges to Record Low After Attack on Israel

Date:

Related stories

Gazprom Maintains Stable Gas Deliveries to Europe, Sending 42.3 Million m³ on Monday

Brussels, October 14 (FinanceFlashNews.com) – Gazprom, Russia’s gas producer,...

Markets Anticipate Faster ECB Rate Cuts as Eurozone Inflation Falls

Frankfurt, October 14 (FinanceFlashNews.com) – Financial markets are predicting...

Tax Hike in France Will Hurt Investments, Warns Stellantis CEO

Paris, October 14 (FinanceFlashNews.com) – The French government's plan...

Finland’s Inflation Drops to Lowest Level in Nearly Four Years

Helsinki, October 14 (FinanceFlashNews.com) – Year-on-year inflation in Finland...

Moody’s Downgrades Belgium’s Credit Outlook to Negative

Brussels, October 13 (FinanceFlashNews.com) – Moody's Ratings downgraded Belgium’s...

Tehran, April 14, 2024 – The Iranian currency plummeted to a record low on the unofficial market on Sunday against the dollar. The exchange rate was hovering around 705,000 rials for one US dollar, surpassing the previous record set in 2018.

The rial’s plunge came after Iran launched a wide-ranging missile and drone attack on Israel on Saturday night, further escalating tensions in the region. Tehran carried out the attack in retaliation for an Israeli strike on the Iranian consulate in Damascus, Syria.

In addition to the rising regional tensions, the rial is also under pressure from high inflation and ongoing US sanctions that have restricted Iran’s oil and gas exports.

In response to the attack, the US is threatening to impose further sanctions on Iran, which could further weaken the rial.

Important Notes:

  • The official exchange rate set by the Iranian central bank is still much lower than the black market rate. In 2018, the bank set the rate at 42,000 rials per dollar.
  • The situation can change rapidly, so it is important to follow the latest news on developments in Iran and the Middle East.
Financeflashnewshttps://financeflashnews.com
This article was written by the editorial team of Financeflashnews. We strive to provide you with accurate and up-to-date information from the world of finance and investment. If you find any errors in the article, please let us know at corrections@financeflashnews.com. Your feedback is valuable to us and will help us improve the quality of our content.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories