Iran's Currency Falls to an All-time Low After Donald Trump's Historic Win

TEHRAN: Iran's rial currency plunged to an all-time low on Wednesday, just as former President Donald Trump was on the verge of re-election.

The rial traded at 703,000 rials per dollar. It was 32,000 to $1 in 2015, when Iran reached a nuclear deal with Western countries.

The rial traded at 703,000 rials to the dollar, traders in Tehran said. The rate could still change throughout the day. Iran’s Central Bank could flood the market with more hard currencies as an attempt to improve the rate, as it has done in the past.

The slide comes as the rial already faces considerable woes over its sharp slide in value — and as the mood on the streets of Tehran among some darkened.

“One-hundred percent he will intensify the sanctions,” said Amir Aghaeian, a 22-year-old student. “Things that are not in our favor will be worse. Our economy and social situation will surely get worse.”

In 2015, at the time of Iran’s nuclear deal with world powers, the rial was at 32,000 to $1. On July 30, the day that Iran’s reformist President Masoud Pezeshkian was sworn in and started his term, the rate was 584,000 to $1.

Trump unilaterally withdrew America from the accord in 2018, sparking years of tensions between the countries that persist today.

Iran’s economy has struggled for years under crippling international sanctions over its rapidly advancing nuclear program, which now enriches uranium at near weapons-grade levels.

Pezeshkian, elected after a helicopter crash killed hard-line President Ebrahim Raisi in May, came to power on a promise to reach a deal to ease Western sanctions.

However, Iran’s government has for weeks been trying to downplay the effect on Tehran of whoever won Tuesday’s election in the United States. That stance continued on Wednesday with a brief comment from Fatemeh Mohajerani, a spokeswoman for Pezeshkian’s administration.

”The election of the U.S. president doesn’t have anything specifically to do with us,” she said. “The major policies of America and the Islamic Republic are fixed, and they won’t heavily change by people replacing others. We have already made necessary preparations in advance.”

But tensions remain high between the nations, 45 years after the 1979 U.S. Embassy takeover and 444-day hostage crisis that followed.

Iran remains locked in the Mideast wars roiling the region, with its allies battered — militant groups and fighters of its self-described “Axis of Resistance,” including the militant Palestinian Hamas, lebanon’s Hezbollah and Yemen’s Houthi rebels.

Israel is pressing its war in the Gaza Strip targeting Hamas and its invasion of Lebanon amid devastating attacks against Hezbollah. At the same time, Iran still appears to be assessing damage from Israel’s strikes on the Islamic Republic on Oct. 26 in response to two Iranian ballistic missile attacks.

Iran has threatened to retaliate against Israel — where U.S. troops now man a missile defense battery.

Mahmoud Parvari, a 71-year-old taxi driver in Tehran, did not mince his words when discussing Trump.

“I feel like I’m seeing the devil,” he said. “He looks like Satan, his eyes are like Satan and his behavior is like a mad man.”

But another taxi driver, who only gave his last name as Hosseini, offered a more pragmatic view.

“If it helps my country I would definitely” make a deal with Trump, he said. “It doesn’t matter if it’s Trump or anyone else. After all he is a human being.”

Donald Trump's Historic Win

Leaders around the world posted congratulatory messages online as Donald Trump was on the cusp of victory in the U.S. presidential race.

Ukrainian President Volodymyr Zelenskyy said he appreciates Trump’s commitment to “peace through strength” as the Republican presidential nominee closes in on the electoral votes needed to win the White House.

“I recall our great meeting with President Trump back in September, when we discussed in detail the Ukraine-U.S. strategic partnership, the Victory Plan, and ways to put an end to Russian aggression against Ukraine,” said Zelenskyy on social platform X.

Zelenskyy said that Ukraine is interested “in developing mutually beneficial political and economic cooperation that will benefit both of our nations.”

“We look forward to an era of a strong United States of America under President Trump’s decisive leadership,” he added.

French President Emmanuel Macron also posted his congratulations on X: “Ready to work together as we were able to do during four years. With your convictions and mine. In respect and ambition. For more peace and prosperity.”

With AP Inputs