Iranian Rial Crashes to Record Low as US Economic Pressure Takes Hold

The Iranian rial has hit a record low against the US dollar as Washington's economic pressure takes its toll on Tehran. The national currency briefly crossed a psychological threshold of 2 million rials per dollar before partially recovering its losses.

The decline in value comes amid increased economic pressure from the US, including restrictions on oil exports and financial channels. Iranian Central Bank Governor Abdolnaser Hemmati stated that the country's crude oil exports have effectively come to a halt, leading to a significant reduction in foreign currency revenues needed to support imports and stabilize the domestic market.

The rial lost 4.5% of its value over the week, with one dollar quoted at 1.992 million rials on the unregulated foreign exchange market. The UAE's decision to suspend all financial transactions with Iran has also contributed to the weakening of the rial.