Iran’s currency hits new low amid anti-government protests

By JOSEPH KRAUSS
Associated Press

DUBAI, United Arab Emirates (AP) — Iran’s currency has fallen to a new record low, plunging to 600,000 to the dollar for the first time. The effects of nationwide anti-government protests and the breakdown of the 2015 nuclear deal continued to roil the economy. Iranians have formed long lines in front of exchange offices in recent days, hoping to acquire increasingly scarce dollars. Many have seen their life savings evaporate as the local currency has deteriorated. Inflation reached 53.4% in January, and on Sunday the rial crossed the symbolic 600,000 mark. The dire economic conditions have contributed to widespread anger at the government but have also forced many Iranians to focus on putting food on the table.