Iran’s Currency Drops to Historic Low Following Trump’s Victory

0
277

The Iranian rial traded at 703,000 to the dollar, signaling Iranian fears that Trump could punish Iran with harsh sanctions over its yearlong war on Israel.

 

Iran’s already ailing national currency cratered after Donald Trump’s election victory, heralding tough times for Tehran’s economy as the former president prepares for another term in the White House.

The Iranian rial traded at 703,000 to 1 American dollar early Wednesday, an all-time low, before settling at 696,150 to a single dollar, according to the Associated Press. The steep drop signals fears in Iran that Trump will enter office prepared to level harsh new economic sanctions on the country—and enforce active ones—as punishment for its yearlong war on Israel.

As the Iranian rial tanked, the American stock market surged, with the Dow Jones Industrial Average jumping more than 1,300 points to 45,557 as of mid-day trading. The Nasdaq grew by more than 430 points, hitting 18,875 in the afternoon.

During his first stint as president, Trump decimated Tehran’s economy with sanctions, ushering in a “maximum pressure” campaign that the Biden-Harris administration subsequently dismantled in a bid to entice Iran into a revamped version of the 2015 nuclear accord. Under the administration, Tehran was given access to upwards of $100 billion in cash resources, helping it arm a slew of regional terror proxies that have wreaked havoc on Israel and American military positions in the Middle East.

With Trump’s second term looming over Tehran, the country will have to make tough choices about its war on Israel. Iran has already promised a crushing response to Israel’s first direct attack last month but could decide to hold fire given Trump’s track record of support for the Jewish state. In 2020, Trump greenlit the assassination of Quds Force commander Qassem Soleimani.

Iran said Wednesday that it is not concerned by Trump’s election and saw both candidates as enemies.

“The election of the U.S. president has nothing to do with us. The general policies of the U.S. and Iran are constant,” Iran’s foreign ministry said in a statement. “It doesn’t matter who becomes the president in the United States because all the necessary planning has been made in advance.”

 

***

 

 

Like
1
Zoeken
Categorieën
Read More
News & Politics
As Israel–Hamas War Rages, Importance of U.S. Republican Jewish Coalition Intensifies
Conference organizers say American Jews, who largely vote for Democrats, are shifting toward...
By NavyVetUnited 2023-10-26 17:12:14 0 16K
News & Politics
Special feature: 'We fled Gaza after the horrors Hamas has done to us'
Keshet 12 News presents the stories of Arabs who fled Hamas and spoke about life in Gaza under...
By Israel Swords of Iron Ops 2023-11-12 09:49:03 0 8K
News & Politics
Douglas Murray: 10 things Trump can do to clean up Biden’s messes abroad
Donald Trump’s victory on Tuesday was so overwhelming that even his opponents seem to...
By NavyVetUnited 2024-11-10 11:09:44 0 441
Cloak & Dagger
Red Sea Ships Cautioned After Suspected Houthi Missile Hits Vessel Off Hodeidah
The UK Maritime Trade Operations cautioned ships traveling in the Red Sea on Monday to exercise...
By Operation Prosperity Guardian 2024-03-12 12:01:12 0 6K
Real Time Facts
Huge opportunity for Israel - Make UNRWA go away!
Prime Minister Benjamin Netanyahu needs to instruct the Shin Bet, Defense Minister Benny Gantz...
By Israel Swords of Iron Ops 2024-01-31 13:14:27 0 5K