Iran's rial hits a record low, battered by regional tensions and an energy crisis

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Iran's rial hits a record low, battered by regional tensions and an energy crisis

//business-finance.news-articles.net/content/202 .. d-by-regional-tensions-and-an-energy-crisis.html

Published in Business and Finance on Wednesday, December 18th 2024 at 5:41 GMT by WTOP News

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source
🞛 This publication contains potentially derogatory content such as foul language or violent themes

Iran's currency, the rial, has plummeted to a record low of 613,500 against the U.S. dollar, driven by a combination of regional tensions and an ongoing energy crisis. The depreciation is exacerbated by the Israel-Hamas conflict, which has led to increased military activities and threats in the region, including attacks on shipping in the Red Sea by Yemen's Houthi rebels, who are backed by Iran. Additionally, Iran faces internal challenges such as a severe drought affecting its hydroelectric power generation, leading to electricity rationing and increased reliance on natural gas, which has also seen reduced exports due to domestic needs. These factors, combined with U.S. sanctions, have significantly weakened the rial, impacting the economy and daily life in Iran.

Read the Full WTOP News Article at:
[ https://wtop.com/business-finance/2024/12/irans-rial-hits-a-record-low-battered-by-regional-tensions-and-an-energy-crisis/ ]