The Iranian rial dropped to a historic low compared with the dollar on Wednesday, as former President Donald Trump was elected the 47th U.S. president, the Associated Press reported.
“The rial traded at 703,000 rials to the dollar, traders in Tehran said, breaking through the record before recovering slightly later in the day to 696,150 to $1,” per the AP.
“Speaks for itself,” wrote Jason Brodsky, policy director at United Against Nuclear Iran.
“Toppling Khamenei’s regime could restore it to 70:1, where it stood before the Islamist takeover devastated Iran’s once-great economy and nation,” wrote Mark Dubowitz, the CEO of the Foundation for Defense of Democracies.
Trump has cited his tough stance on the Islamic Republic proudly and has spoken about the regime in aggressive terms.
On Oct. 1, the Trump campaign stated that “Kamala Harris has tried to appease the Iranian regime—the world’s largest state sponsor of terrorism—since she took office. Of course, it has been a massive failure—one that will only worsen if she and Tim Walz are elected in November.”
“Iran has managed to make at least $90 billion from illicit oil sales under Kamala, largely due to ‘ongoing hesitance to enforce oil sanctions on Iran.’ Iran had just $4 billion in foreign reserves when President Trump left office,” the campaign stated. “The Harris-Biden administration rescinded critical Trump-era policies that weakened Iran, including U.S. participation in U.N. sanctions on Iran, and have enabled Iran and its terror proxies in the process.”
