Iran’s rial hit a record low against the U.S. dollar on Monday in a sign of concern about the country’s ability to attract foreign money after U.S. president-elect Donald Trump takes office.
The rial was quoted in the free market at 41,500 to the dollar, weakening from around 41,250 on Sunday and 35,570 in mid-September. Before this month, the record low was about 40,000, hit in late 2012, traders said.
Economists said there were several reasons for the slide, including the dollar’s strength against many currencies in the last few weeks, and uncertainty before next year’s presidential elections in Iran.
But they said Trump’s election in November was a major factor. He has said he will scrap the deal between Iran and world powers that imposed curbs on Tehran’s nuclear projects and lifted sanctions on the Iranian economy in January this year.