The rial is again sinking inexorably, but not rapidly against the US dollar. As of September 5, the dollar went for 271,200 rials, according to the Bonbast website. That represented a 29 percent gain in value since its recent best price of 209,500 rials on May 5, four months ago. That best price was just after Iran and the United States began talks about reviving the nuclear agreement. Generally, analysts attribute the current decline to the absence of any movement in the talks and to a lack of faith in the capability of the Iranian regime to deal with the economy. It is worth noting that since President Raisi was inaugurated August 5, the rial has lost 6 percent in value. That’s in just one month.
