Bloomberg: President Trump reimposed sanctions on Iran earlier this week. The current sanctions ban purchases of U.S. dollars by Iran and prevent trading of gold, metals, and automobiles. As a result, this has fueled a record crash in the value of their currency the Rial, down 70 percent since May.
Excerpt from Bloomberg:
The real pain, however, will hit in November, when the U.S. reimposes sanctions on Iran’s oil industry, the economy’s lifeblood, in a bid to bring the country back to the table to renegotiate the 2015 nuclear accord. This was supposed to be Rouhani’s time to shine. The 69-year-old moderate cleric is a year removed from winning a second four-year term as president on the back of his government’s successful negotiation of the nuclear deal, which he promised would lead to a wave of foreign investment and jump-start an economy weakened by years of isolation.