Iran's currency, the rial, has plummeted to its lowest value against the dollar in more than two decades after President Obama signed legislation last Saturday targeting Iran's Central Bank.
The rial dropped almost 30 per cent in two days, hitting exchange rates as low as 17,800 rials per dollar on Monday as Iranians rushed to sell their local currency holdings in favour of havens such as the euro, the UAE dirham, the US dollar, and gold.
Washington's new financial legislation against Teh-ran will sanction foreign firms that purchase Iranian oil — by far the chief source of Iranian government revenue — and penalise banks engaging in financial transactions with Iran.
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