Iranian rial plunges to record low against US dollar
Iran’s currency plunged to a record low against the US dollar Monday amid soaring inflation and continued economic pressure
TEHRAN (MNTV) — Iran’s currency plunged to a record low against the US dollar Monday amid soaring inflation and continued economic pressure from sanctions.
The US dollar reached 2.4 million Iranian rials on the country’s free market, according to Pashizi, a website that tracks foreign exchange rates in Iran.
The decline marks the rial’s lowest recorded value against the dollar and comes as Iran faces mounting economic pressures.
Annual inflation has reached 61.4%, while food prices have risen even more sharply. Official data showed food prices increasing 128.1% year-on-year.
The currency’s depreciation has coincided with continued US sanctions, which have restricted Iran’s access to international financial markets and foreign currency.
Iran operates multiple exchange rates, meaning the free-market rate can differ significantly from government-set rates.
The rial has experienced repeated declines in recent years amid sanctions, inflation and broader economic uncertainty.
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