US dollar rising as Iran’s rial plunges

The Iranian rial plunged to a record low against the U.S. dollar on the black market

 Early Sunday morning the black market in Iran began selling the US dollar at a whopping 100,000 rials, breaking the previous psychological barrier. The society and economy were in shock of these reports when only three hours later (around 2 pm local time) new reports indicated the US dollar selling at 108,000 rials and even surpassing the 111,000 rial mark.
What can the Iranian regime do to tackle this crisis?
Iranian regime President Hassan Rouhani did all he could back when the US dollar was trading at 60,000 rials in the black market. Authorities arrested dozens of currency exchange owners and set a fixed government rate of 42,000 rials.
“The mere fact that the Central Bank has banned currency exchanges from trading US dollars will soon lead to severe currency tensions,” according to the Iranian regime’s own ISNA news agency at the time.
We are now witnessing such circumstances and it seems the dollar has no intention of stopping its fast sprint, especially considering the fact that the most ruthless sanctions against the Iranian regime will begin taking effect on August 6th.
Where, or even if, this trend will stop is anyone’s guess. Certain is the reality that the mullahs’ economy is crumbling and this phenomenon has the potential of paving the path for huge protests and uprisings across the country.

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