The Iranian Rial to a new record low

Shafaq News / The Iranian Rial fell to a record low against the US dollar in the free market on Sunday, a day after the US administration announced the re-imposition of all international sanctions on Tehran.

The dollar reached 273,000 riyals from 267,800 riyals on Saturday, according to the foreign exchange website Bonbast.com, which tracks the free market.

Iran rejected the US move, describing it as illegal, and UN Secretary-General Antonio Guterres told the Security Council on Saturday that it could not take any action on the US declaration because “there appears to be some uncertainty” on the issue.

The three European parties to the nuclear deal - France, Britain and Germany - said in a statement on Sunday that any decision or action taken to re-impose UN sanctions "will have no legal effect."

However, Trump intends to issue an executive order allowing him to impose US sanctions on anyone who violates sanctions against Iran.

The Iranian Foreign Ministry described Washington's efforts as "useless," adding that "the US approach poses a major threat to international peace and security and an unprecedented threat to the United Nations and the Security Council."

Washington has unilaterally re-imposed sanctions on Iran since 2018, which combined with low oil prices which crippled the Iranian economy.

So far, The Iranian Rial has lost about 49% of its value in 2020.