Iran's Currency Hits Another Record Low

Western sanctions, intensified this year by the Obama administration, have been wrecking Iran's economy.

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STEVE INSKEEP, HOST:

NPR's business news starts with Iran's currency plunging.

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INSKEEP: Iran's money hit another record low today. Depending on who's trading, a single American dollar in Tehran can now cost around 38,000 Iranian rials.

Western sanctions, intensified this year by the Obama administration, have been wrecking Iran's economy. It's also harder for Iranians to get their hands on dollars, which are vital for international trade.

Last week, the government set up an exchange center to help importers obtain dollars, but the Iranian currency, notable for the stern face of the late Ayatollah Khomeini, has continued to collapse.

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