Iran’s rial has dropped to historic lows against the dollar in informal currency trading, with punishing US and EU sanc- tions aimed at forcing Tehran to abandon its nuclear programme hampering Iran’s ability to export oil. The Iranian currency had been trad- ing unofficially at IR34,800 to $1 on the open market on 1 October but dropped to trade at IR38,000 on 2 October. It was trading at IR12,040 a year ago. Demon- strators in Tehran clashed with police on 3 October, after currency traders and merchants launched a strike to protest the rial’s steep slide.
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