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Thursday, January 12, 2012

Iran's Currency Slumps on Sanctions Fears

Reports from Iran say the nation's currency has slumped to a record low against the U.S. dollar, two days after U.S. President Barack Obama signed into law new sanctions that could affect Iran's central bank and financial system.

Traders said Monday the exchange rate dipped to around 17,000 rials to the dollar, which is about a 10 percent slide from Thursday's exchange rate.

The new U.S. sanctions will target financial institutions that deal with Iran's central bank, and if fully implemented could affect Iran's ability to sell oil on international markets. The step is part of a push to hamper Tehran's ability to finance its nuclear and missile programs. Read More