The value of the Iranian rial hit an all-time historical low on Monday, August 24, coinciding with reports that the US government is preparing to announce a new round of sanctions against the Islamic Republic. The price of one US dollar in the open market rose to approximately 202,000 tomans.
The Associated Press reported that one US dollar traded for approximately 2,020,000 rials in Iran’s unofficial market, a figure equivalent to roughly 202,000 tomans.
The rial’s collapse comes as the administration of US President Donald Trump prepares to announce a new set of economic measures against the Islamic Republic.
Concurrently, Fox News addressed the escalating tensions between Tehran and Washington in a report on Monday, stating that the United States is on the verge of imposing new sanctions on the Islamic Republic.
Trey Yingst, Chief Foreign Correspondent for Fox News, focused in the report on the situation in the Strait of Hormuz and the standoff between Iran and the United States over control of vessel traffic through the waterway.
