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Iran’s riyal hits record low | ASHARQ AL-AWSAT English Archive 2005 -2017
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TEHRAN, Iran (AP) — Iran’s currency has hit a new record low to the U.S. dollar, two days after President Barack Obama signed a bill applying penalties against Iran’s central bank as the West looks to pressure Tehran over its nuclear program.

State radio said the exchange rate hovered around 16,800 riyals to the dollar, marking a roughly 10 percent slide compared to Thursday’s rate of 15,200 riyals to the dollar.

The U.S. law signed Saturday includes an amendment barring foreign financial institutions that do business with Iran’s central bank from opening or maintaining correspondent operations in the United States.

The sanctions are to pressure Iran over a nuclear enrichment program the West maintains is aimed at making a weapon. Iran says its program is purely peaceful.