Iran won't budge on nuclear plans, says Ahmadinejad as rial plunges
TEHERAN (AFP) - Iran will not back down on its nuclear programme despite the punishing economic sanctions that have seen its currency plunging in value in the past week, President Mahmoud Ahmedinejad said on Tuesday.
"We are not people to retreat on the nuclear issue," he told a news conference here.
The slide of the rial, which is 80 per cent weaker against the dollar than it was a year ago, was part of "a psychological war on the exchange market," he said, adding that Iran had sufficient foreign currency reserves.
The rial was going for 35,000 to the dollar yesterday on the unofficial market, Bloomberg reported. The currency was trading at 39,000 on Tuesday, according to traders in Teheran. That compares with the official value of 12,260 rials per dollar set by the central bank.