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      Archive: 10/2/2012

      News Brief

        10/2/2012, Tishrei 16, 5773

      Iranian Currency Dives to New Low

      The Iranian rial fell as much as 18 percent, Monday, to a record low 35,000 rial to the dollar. The currency has lost 80% of its value since the end of 2011.

      The British Broadcasting Corporation said the fall indicates that sanctions against the Tehran government's nuclear development program are delivering a hard blow to the Islamic Republic's economy. The BBC cited United States State Department Spokeswoman Victoria Nuland as saying, "From our perspective, this speaks to the unrelenting and increasingly successful international pressure that we are all bringing to bear on the Iranian economy."