Iran's currency drops 10% as EU bans oil imports
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Iran's rial currency plunged 10% to a new record low on Monday as the EU imposed a ban on Iranian oil imports, posing a major headache for President Mahmoud Ahmadinejad who has said sanctions will not hurt the economy.
The price of dollars rose 7% from Saturday, the last working day, to 20,500 rials, up 15% from last week. It has rallied almost 50% from a month ago, according to the financial website Mesghal. (Reuters)
