Iran’s currency falls to new low as nuclear sanctions squeeze ailing economy

Current and pre-revolution Iranian banknotes displayed by a street money exchanger at Ferdowsi Square, Tehran’s main area for foreign currency exchange (Vahid Salemi/AP)

Iran’s rial currency fell on Wednesday to a new low of 1.2 million to the US dollar as nuclear sanctions squeeze Tehran’s ailing economy.

Traders offered the new exchange rate as attempts so far to restart negotiations between America and Iran over its nuclear programme appear stalled.