Iranian rial plunges as coronavirus threatens export lifeline - Reuters:
Iran’s rial hit a one-year low against the dollar on Wednesday as a sharp rise in coronavirus cases forced the closure of most of its borders, threatening the non-oil exports that are its main economic lifeline.
The dollar was being offered at as much as 158,500 rials on Wednesday, well below its official rate of 42,000 rials and 10% lower than a week earlier, according to foreign exchange website Bonbast.com, which tracks the free market.
Iran’s coronavirus death toll rose to 19, the highest outside China, pushing several countries to suspend flights and most of its neighbours to close their borders.
Mounting U.S. sanctions pressure has already shackled Iran’s oil industry and slashed its crude exports.
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