Iran's currency plummets against the dollar amid coronavirus, sanctions
Iran’s currency plummeted against the US dollar as the country continues to grapple with the economic implications of US sanctions and the coronavirus. The rial fell to as low as 188,000 against the dollar in the free market on Saturday, according to foreign exchange shops and websites. The currency traded at around 150,000 when the country recorded its first case of Covid-19 in February. The rial has nosedived by more than 500% in value from 2015 when the Islamic Republic accepted curbs on its nuclear program in exchange for some sanctions relief.