Iranian rial slumps to record low amid looming US sanctions.
The Iranian rial has plunged to a record low, dropping to 111,500 points against the US dollar on the unofficial market as Iranians brace for 7 August when the US is due to re-impose sanctions on their economy.
The US pulled out of a 2015 deal between world powers and Tehran under which international sanctions on Iran were lifted in return for curbs on its nuclear programme.
Upon its withdrawal in May, US decided to re-impose sanctions on Iran, accusing it of posing a security threat, and has told countries they must halt all imports of Iranian oil from November or face US financial measures, reported Reuters .
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