World News | Iranian currency hits new low against dollar amid turmoil

DUBAI, Nov. 1 (AP) Iran’s currency fell to its lowest level against the U.S. dollar on Tuesday after weeks of unrest across the country. The stalled talks with world powers to revive the Tehran nuclear deal have also weighed heavily on the rial.

Traders in Tehran put the rial at 338,000 to the dollar, up from 332,200 on Monday.

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Iran’s currency was at 32,000 riyals to the dollar at the time of the 2015 nuclear deal, which lifted international sanctions in exchange for strict restrictions on Tehran’s nuclear program.

The rial’s new low came amid protests over the Sept. 16 death of 22-year-old Mahsa Amini in the custody of the country’s morality police. She was detained on suspicion of violating the Islamic Republic’s strict dress code for women.

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Demonstrations swept the country and turned into one of the most daring challenges to Iran’s ruling cleric since the 1979 Islamic Revolution.

At least 270 people were killed and about 14,000 arrested as security forces tried to quell dissent, according to human rights groups.

Protesters target Iran’s state-mandated women’s hijab, or headscarf. But the sickness of the Iranian economy is also a major force driving Iranians to the streets. Soaring prices, high unemployment and corruption fuel the unrest.

The Iran nuclear deal has faltered since talks stalled a few months ago. The protests erupted after the United States and the European Union imposed additional sanctions on Iran over its brutal treatment of demonstrators and its decision to send hundreds of drones to Russia to use in its war in Ukraine.

The White House is under increasing pressure to completely sabotage the deal. The U.S. special envoy to Iran, Robert Marley, said on Monday that the administration “does not apologize” for refusing to declare the deal null and void.

Iran’s economy has deteriorated significantly since former President Donald Trump pulled the United States out of the nuclear deal in 2018 and reinstated stifling sanctions on Iran’s key oil and banking sectors. (Associated Press)

(This is an unedited and auto-generated story from the Syndicated News feed, the body of the content may not have been modified or edited by LatestLY staff)