Iran’s currency rial reaches 2 million per dollar:This is the lowest level ever; economy worsened by US sanctions

The Iranian currency rial has reached its lowest level ever against the dollar. The reason is the ongoing war with America for the past 6 months and the strict economic sanctions imposed on it. Understand the entire matter in the following question-answer format: Question 1: What is the latest update regarding the Iranian currency? Answer: Iran’s currency rial has reached its lowest level ever against the American dollar in the unregulated market. According to data from currency tracking website Bonbast, on Monday the price of $1 became 20 lakh Iranian rials. Question 2: Why did the rial suddenly fall so drastically? Answer: American President Donald Trump announced a major economic action against Iran last week. Since this announcement, a decline of approximately 4.5% has been recorded in the rial. Question 3: What steps is America taking against Iran? Answer: America’s objective is to economically isolate Iran. For this, America is warning Iran’s remaining select business partners, blockading its main ports in the Persian Gulf, and trying to completely ban oil exports, which are considered the main source of foreign currency. Question 4: What has been the impact on Iran’s oil business and banking? Answer: According to Iran’s Central Bank Governor Abdolnaser Hemmati, the country’s crude oil exports have “almost completely stopped.” Additionally, the United Arab Emirates (UAE), which is among Iran’s largest business partners, has also suspended all financial transactions with Iran until further notice. Question 5: What statement has the American administration given on this action? Answer: US Treasury Secretary Scott Bessent wrote in the Financial Times, “Our objective is to cut off all economic lifelines that are running this system, so that Tehran becomes completely isolated.” He warned that ‘D-Day’ has begun on the economic front. Question 6: What do Iran’s domestic media and analysts say about this decline? Answer: According to Iran’s leading business newspaper ‘Donya-e Eqtesad’, this crisis has deepened due to obstacles in foreign currency transfers and falling exports. Along with this, the increasing demand for imports in the country and inflation concerns have together weakened the currency. Question 7: What is China’s stance on this entire matter? Answer: China, the largest buyer of oil from Iran, has said that America’s economic pressure will not work. China has appealed for a diplomatic solution to the war. Question 8: What is Iran’s plan to counter American pressure? Answer: Iran’s Foreign Minister Abbas Araghchi has said that his country will double trade with China-supporting partner countries to counter American pressure. Question 9: What will be the impact on the common people from the collapse of the Rial? Answer: When any currency weakens against the dollar, everyday essential items like medicines and food become rapidly expensive. This creates the danger of hyperinflation.