Iranian rial plummets to new low as sanctions hit

The Iranian rial has plummeted to a record low against the US dollar after the reinstatement of United Nations sanctions, according to currency-tracking websites.

On the black market, the currency is trading at around 1.12 million rials against the dollar, the Bonbast and AlanChand websites report.

The exchange rate had been slightly above one million rials to the greenback about a month ago.

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