Iran dismisses US efforts for UN sanctions as currency drops

Iran’s president dismissed US efforts to restore all UN sanctions on the country as mounting economic pressure from Washington pushed the local currency down to its lowest level ever on Sunday.

Iran’s currency dropped to 272,500 to the US dollar at money exchange shops across Tehran.

The rial has lost more than 30 per cent of its value to the dollar since June as sweeping US sanctions on Iran continue to crush its ability to sell oil globally.