ALBAWABA - After the return of UN sanctions against Tehran, the Iranian rial fell to a record low against the US dollar on Sunday, AFP reported, citing currency-tracking websites.
According to the Bonbast and AlanChand websites, in the black market, the Iranian rial was trading at about 1.12 million rials against the dollar.
EU countries reimposed sanctions on Iran over its nuclear program and lack of cooperation, the BBC reported Sunday. In response, Tehran denounced the 'slapback sanctions', calling them 'legally baseless and unjustifiable'.
The Iranian foreign ministry said in a statement, "The reactivation of annulled resolutions is legally baseless and unjustifiable... all countries must refrain from recognising this illegal situation."
Iranian rial, U.S. dollar. (Shutterstock)
The ministry maintained, "The Islamic Republic of Iran will firmly defend its national rights and interests, and any action aimed at undermining the rights and interests of its people will face a firm and appropriate response."
It is worth noting that sanctions were removed in 2015 after the landmark international deal with Iran over its nuclear programme. The Joint Comprehensive Plan of Action (JCPOA) deal was inked between Tehran, the U.S. and its international negotiating partners to ensure that Iran's nuclear program will be exclusively peaceful in return, countries will remove sanctions imposed on Tehran.
