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Iran's Currency Falls To Record Low Versus Dollar

9/9/2012 10:21 AM ET

Iran's currency, the rial, dropped to a record low against the U.S. dollar on Sunday, reports said citing traders.

The decline in the Middle-east country's currency is seen as the impact of the sanctions imposed by Western countries.

The rial fetched nearly 24,000 versus the dollar in street trading on Sunday, down more than eight percent in three days.

Last Friday, Canada severed its ties with Iran by closing its embassy in Iran and expelling the latter country's diplomats.

Canada accused Iran of providing increasing military aid to Syria. The country also cited Iran's failure to comply with UN resolutions pertaining to its nuclear program, its routine threats against Israel and its racist anti-Semitic rhetoric, among others.

The official exchange rate is fixed at 12,260 rials, which is used by government agencies and for priority imports such as food and medicine.

The United States, EU and their allies have imposed a series of separate sanctions on Iran, targeting its oil and banking sectors, after a report released by the IAEA in November cautioned that Tehran may be planning to develop nuclear weapons. The EU sanctions on import of Iranian oil came into effect on July 1.

by RTT Staff Writer

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