Iran's Currency Plummets After Trump Victory

Iran's currency, the rial, hit a historic low against the dollar following Donald Trump's election victory.

The rial dropped to 703,000 to one United States dollar before slightly recovering.

The sharp decline reflects growing concern that Trump will reinstate harsh economic sanctions, which will exacerbate Iran's struggling economy, according to the Washington Free Beacon.

Trump's first presidency in 2017 rolled out severe sanctions for Iran through his "maximum pressure" campaign, which weakened Tehran's economy.

As the world's fourth highest paid leader prepares for a second term after winning the presidential election, concerns rise about further economic isolation and its impact on Iran's war on Israel.

The U.S. stock market, cryptocurrency market, alt coin market, and prediction market surged due to Trump's victory, while world markets braced for volatility amid the U.S. election. Trump's win has been well-received with Big Tech CEOs congratulating the president elect upon his unprecedented win.

Iranian officials downplayed the significance of Trump's win reported the news outlet. Officials said that U.S. policies toward Iran would remain unchanged.

"The election of the U.S. president has nothing to do with us," Iran's foreign ministry said in a statement. "The general policies of the U.S. and Iran are constant. It doesn't matter who becomes the president in the United States because all the necessary planning has been made in advance."

Tehran has ongoing tensions with Israel.