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Iran currency sinks to its lowest ever value amid US sanctions

In this photo from August 8, 2018, a man exchanges Iranian rials for US dollars at an exchange shop in the Iranian capital Tehran. (AFP Photo/Atta Kenare)
In this photo from August 8, 2018, a man exchanges Iranian rials for US dollars at an exchange shop in the Iranian capital Tehran. (AFP Photo/Atta Kenare)

Iran’s currency drops to its lowest value ever as talks to revive the country’s tattered nuclear deal with world powers remained deadlocked.

Traders in Tehran exchange the rial at 332,000 to the US dollar, up from 327,500 on Saturday. That marks more than a 4.4% change compared to June 1 when it traded at 318,000 to the dollar.

Iran’s currency was trading at 32,000 rials to the dollar at the time of Tehran’s 2015 nuclear deal with world powers.

The rial’s new low comes as US sanctions against the country are still in force. Iran’s economy is struggling mightily mostly because of the US pullout from the 2015 nuclear deal between Iran and world powers that restored sanctions on Iran’s oil and banking sectors. Talks in Vienna to renew the agreement have been deadlocked for months.

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