Iran’s rial currency fell today to a new low of 1.2 million to the US dollar as nuclear sanctions squeeze Tehran’s ailing economy.
Traders offered the new exchange rate as attempts so far to restart negotiations between America and Iran over its nuclear program appear stalled.
The new record low is increasing pressure on food prices and other costs have been making daily life that much more challenging for Iranians. Prices are up on meat, rice and other staples of the Iranian dinner table.
Meanwhile, people worry about a new round of fighting between Iran and Israel — as well as potentially the United States — after June’s 12-day war.
“Life will not only become more difficult for ordinary people, but it will also fuel public concern over whether the government — given the limited inflow of foreign currency caused by sanctions — has the resources to maintain and repair the country’s aging infrastructure,” says Ali Moshtagh, a 53-year-old electrical engineer.
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