A strong blow to Iranian riyal

The Iranian riyal fell to approaching record low levels, on Saturday, after major European forces took punitive steps against Tehran because of their failure to fulfill its nuclear pledges.

The currency exchange rate decreased to 1,040,000 against the US dollar in the informal market on the first day of the working week in Iran, according to followers of exchange rates via the Internet and a resident merchant in Tehran, and with this decline the currency approaches the low historical levels about 1,050,000 that were recorded in late March. This decline came in the wake of the referral of the United Kingdom, France and Germany, on Thursday, Iran to the United Nations because of Its violation of its nuclear agreement concluded in 2015, which activated the “Snapback” mechanism for a period of 30 days, which may lead to the re -imposition of the sanctions previously filed under the agreement.