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Iran’s currency plummeted to an unprecedented low following Donald Trump’s electoral victory in the US presidential election. The Iranian rial’s value dropped sharply, reaching 703,000 rials to one dollar on Wednesday, a clear indication of the economic turbulence facing the country.

This dramatic decline in currency value occurred swiftly after Trump’s electoral success, highlighting the immediate impact of geopolitical events on Iran’s economy. The situation has sparked concern among Iranians, with some expressing apprehension about potential intensified sanctions and worsening economic conditions.

The currency’s freefall comes amid ongoing tensions between Iran and the United States, exacerbated by Trump’s previous withdrawal from the Iran nuclear deal in 2018. The prospect of his return to the presidency has evidently rattled financial markets in Iran, despite the government’s attempts to downplay the significance of US leadership changes.

Iranian citizens have voiced their concerns about the potential consequences of Trump’s victory. Amir Aghaeian, a 22-year-old student, predicted a grim outlook, stating, “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.” He even went so far as to suggest that the country might be on the brink of a major crisis.

The Iranian Central Bank may attempt to stabilize the currency by injecting hard currencies into the market, a strategy employed in the past to mitigate similar situations. However, the effectiveness of such measures remains uncertain given the scale of the current depreciation.

This unprecedented drop in the rial’s value underscores the complex interplay between international politics and economic stability in Iran. As the country grapples with the fallout from Trump’s electoral victory, the future of Iran’s economy and its relations with the United States hang in the balance.