Iran's currency drops to a record low amid geopolitical uncertainty

25/3/2025 19:03

Iran's currency fell below the psychologically key level of 1,000,000 rial per U.S. dollar on Tuesday, as market participants saw no end in sight to sanctions under U.S. President Donald Trump's renewed "maximum pressure" campaign.



Trump said earlier this month that he had sent a letter to Iran's top authority, Supreme Leader Ayatollah Ali Khamenei, warning that Iran's nuclear programme could either be dealt with through negotiations or militarily.



Khamenei rejected the U.S. offer for talks as a "deception" and Iranian Foreign Minister Abbas Araqchi said last week that negotiations with Washington were impossible unless its policy changed.



The apparent diplomatic deadlock has raised fears of potential conflict, although Iranian officials have sought to assuage such concerns.