$1 Now Worth 2.5 Million Rials as Iran's Currency Hits Record Low

The Iranian rial has hit an all-time low against the US dollar, falling by nearly 50% in just seven months. As of Tuesday, it takes a record 2.5 million rials to buy one dollar, down from around 17 lakh rials in February before the war began.

The Central Bank of Iran's official exchange rate is significantly lower at 16.5 lakh rials per dollar, but this rate does not reflect the reality on the ground for ordinary people who must purchase dollars at the market rate.

The decline of the rial against the dollar can be attributed to several factors, including the ongoing war and US sanctions that have affected Iran's oil revenues and limited its access to foreign currency.