Iran's currency plummets to record low as Trump restores sanctions

Iran’s currency, the rial, plunged Wednesday to a record low of 850,000 rials to $1 after U.S. President Donald Trump ordered a restart to the “maximum pressure” campaign targeting Tehran.

Trump’s order, signed Tuesday night, calls for halting Iran’s oil exports and pursuing a “snapback” of United Nations sanctions on Iran.

However, he also suggested he didn’t want to impose those sanctions and wanted to reach a deal with Iran.

Iranian officials appear to be signaling that they are waiting for a message from Trump on whether he wants to negotiate over Tehran’s rapidly advancing nuclear program.

At stake are potentially billions of dollars withheld from Iran through crushing sanctions and the future of a program on the precipice of enriching weapons-grade uranium.

Iran denies seeking a nuclear weapon.

And even when signing an executive order to reimpose his “maximum pressure on Iran” on Tuesday, Trump suggested he wanted to deal with Tehran.

The Rial’s decline has been accelerating since 2018 when Trump withdrew from the 2015 nuclear deal and reimposed crippling sanctions on Iran.

A decade ago, the Rial stood at 32,000 rials to $1.