Iran currency drops to lowest value ever

Iran's currency dropped to its lowest value ever Sunday as talks to revive the country's tattered nuclear deal with world powers remained deadlocked.

Traders in Tehran exchanged the rial at 332,000 to the US dollar, up from 327,500 on Saturday. Iran's currency was trading at 32,000 rials to the dollar at the time of Tehran's 2015 nuclear deal with world powers.

Ahmad Salehi, economic analyst said "Actually for the past two years Iran's economy has experienced about 70% inflation in the consumer price index. But meanwhile since there has been some good news in the political arena, so, the dollar rate was somehow constant for the past two years. So there was an accumulation of potential for just increasing the price of dollars. So, what we have seen or what we are experiencing for the moment is something not very abnormal. It's such a normal fiscal and monetary phenomenon."

Iran's economy is struggling mightily mostly because of the US pullout from the 2015 nuclear deal between Iran and world powers, that restored sanctions on Iran's oil and banking sectors.