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Iran's currency value slumps against foreign currency

(Xinhua)

09:32, August 03, 2012

TEHRAN, Aug. 2 (Xinhua) -- Iran's currency value slumped against foreign currency in the street market of Tehran on Thursday as 1 U.S. dollar was exchanged for about 20,260 rials, compared to 19,200 rials one week ago.

Meanwhile, 1 euro was traded for 24,800 rials Thursday, while the number was 23,850 rials last week.

The current Iranian rial's value is the lowest since the beginning of the new Iranian year, which started on March 20.

The new depreciation in the Iranian currency rate came as U.S. President Barack Obama announced on Tuesday additional sanctions against Iran's energy and petrochemical sectors over the Islamic republic's disputed nuclear program.

Obama said he ordered the latest round of sanctions to "deter Iran from establishing payment mechanisms to circumvent existing sanctions."

The Iranian currency came under heavy pressure in January after the U.S. sanctions on Iran's central bank was announced.
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