Iranian Rial Crashes to Record Low as Dollar Tops 2.7 Million

The Iranian Rial has plummeted to a record low against major foreign currencies, with the US dollar trading above 2.7 million rials on the country's free market.

This latest depreciation comes as the economy faces mounting pressure from US sanctions, restrictions on oil exports, and the economic costs of the conflict with the United States.

The euro is trading at around 3.02 million rials, while the British pound has reached approximately 3.56 million rials, and the UAE dirham stands at about 739,000 rials.

Iran's central bank had announced plans to sell up to $2 billion through state banks in an effort to support the currency.