Iran’s money drops as Trump wins, causing worry


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Iran’s currency plummeted to an unprecedented low on Wednesday as Donald Trump secured another term as U.S. president, hinting at potential difficulties for Tehran amid ongoing regional conflicts.

The rial traded at 703,000 to the dollar, according to Tehran traders, surpassing previous records before slightly recovering to 696,150 later in the day.

The cause of the sudden drop remains unclear, though Iran’s Central Bank has previously injected hard currencies into the market to stabilize rates.

This decline adds to the rial’s existing woes, exacerbating concerns among Tehran’s citizens.

Amir Aghaeian, a 22-year-old student, expressed his apprehension: “One-hundred percent he will intensify the sanctions. Things that are not in our favor will be worse. Our economy and social situation will surely get worse.”

The rial’s value has drastically decreased since 2015 when it traded at 32,000 to $1 during Iran’s nuclear agreement with world powers. By July 30, when reformist President Masoud Pezeshkian took office, the rate had fallen to 584,000 to $1.

Trump’s 2018 withdrawal from the nuclear accord has led to ongoing tensions between the two nations.

Iran’s economy continues to struggle under severe international sanctions due to its advancing nuclear program, which now enriches uranium near weapons-grade levels.

Pezeshkian, who succeeded hard-line President Ebrahim Raisi after a fatal helicopter crash in May, campaigned on easing Western sanctions.

However, Iranian officials have been downplaying the impact of the U.S. election results. Fatemeh Mohajerani, a spokeswoman for Pezeshkian’s administration, stated: “The election of the U.S. president doesn’t have anything specifically to do with us. The major policies of America and the Islamic Republic are fixed, and they won’t heavily change by people replacing others. We have already made necessary preparations in advance.”

By midday Wednesday, Donald Trump was elected as the 47th U.S. president in a stunning political comeback.

Tensions remain high between the two countries, 45 years after the 1979 U.S. Embassy takeover and subsequent hostage crisis. Prior to the revolution, the rial traded at 70 for $1.

Iran continues to be embroiled in regional conflicts, with its allies facing challenges, including Hamas, Hezbollah, and Yemen’s Houthi rebels.

Israel’s ongoing operations in Gaza and Lebanon, coupled with recent strikes on Iran, have heightened regional tensions. Iran has threatened retaliation against Israel, where U.S. troops now operate a missile defense system.

Tehran residents expressed mixed opinions about Trump’s re-election. Mahmoud Parvari, a 71-year-old taxi driver, said: “I feel like I’m seeing the devil. He looks like Satan, his eyes are like Satan and his behavior is like a mad man.”

Another taxi driver, identified only as Hosseini, offered a more pragmatic view: “If it helps my country I would definitely” make a deal with Trump, he said. “It doesn’t matter if it’s Trump or anyone else. After all he is a human being.”

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