The Turkish and Iranian currencies declined against the US dollar.

Both the Turkish lira and the Iranian toman fell against the US dollar in trading on Thursday morning.

The US dollar exchange rate against the Turkish lira reached approximately 40.65 liras for purchase and approximately 40.78 liras for sale, indicating the US currency’s growing momentum and the increasing pressure on the local currency that has extended over the past years.

The Iranian local currency also witnessed a further decline against the dollar, with the exchange rate reaching 93.800 tomans.

On August 10, the Iranian Shura Council approved a new bill to remove four zeros from the national currency, following its sharp decline in recent years due to financial sanctions imposed on the Iranian economy.

Iran took this step in an attempt to stabilize its economy after decades of hyperinflation and currency devaluation.

Shafaq.com