TEHRAN, Iran (AP) β Iranβs currency fell on Wednesday to an all-time low as former President Donald Trump was on the verge of clinching the U.S. presidency again, signaling new challenges ahead for Tehran as it remains locked in the wars raging in the Middle East.
The rial traded at 703,000 rials to the dollar, traders in Tehran said. The rate could still change throughout the day. Iranβs Central Bank could flood the market with more hard currencies as an attempt to improve the rate, as it has done in the past.
The slide comes as the rial already faces considerable woes over its sharp slide in value.
In 2015, at the time of , the rial was at 32,000 to $1. On July 30, the day that Iran's reformist and started his term, the rate was 584,000 to $1.
Trump unilaterally withdrew America from the accord in 2018, sparking years of tensions between the countries that persist today.
Iran's over its rapidly advancing nuclear program, which now enriches uranium at near weapons-grade levels.
, elected after a helicopter crash killed in May, came to power on a promise to reach a deal to ease Western sanctions.
However, Iran's government has for weeks been trying to downplay the effect on Tehran of whoever won Tuesday's election in the United States. That stance continued on Wednesday with a brief comment from Fatemeh Mohajerani, a spokeswoman for Pezeshkian's administration.
βThe election of the U.S. president doesn't have anything specifically to do with us," she said. "The major policies of America and the Islamic Republic are fixed, and they wonβt heavily change by people replacing others. We have already made necessary preparations in advance.β
But tensions remain high between the nations, 45 years after the that followed.
Iran remains locked in , with its allies battered β militant groups and fighters of its self-described βAxis of Resistance,β including the militant Palestinian Hamas, lebanon's Hezbollah and Yemen's Houthi rebels.
Israel is pressing its war in the Gaza Strip targeting Hamas and its invasion of Lebanon amid devastating attacks against Hezbollah. At the same time, Iran still appears to be assessing damage from on Oct. 26 in response to two Iranian ballistic missile attacks.
Iran has threatened to retaliate against Israel β where U.S. troops now man a missile defense battery.
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Associated Press writer Jon Gambrell in Dubai, United Arab Emirates, contributed to this report.
Amir Vahdat And Nasser Karimi, The Associated Press
