Iran's Rial Collapses Under US Sanctions Pressure

The Iranian rial has hit a record low against the US dollar, exacerbating the country's economic crisis. In late August, the dollar surpassed 200,000 tomans on Iran's open market, equivalent to over two million rials.

This marks a decline of more than seven percent in less than a week, reflecting growing anxiety over further US sanctions, restricted oil revenue, and Iran's dwindling access to foreign currency. By Wednesday, the rial had reached an unprecedented low of approximately 2.2 million to the dollar, down from around one million rials to the dollar just a year ago.

Families are struggling to cope with the economic strain, as salaries lose value before they're spent and savings disappear in days. Shopkeepers struggle to replace stock due to higher prices for imports, leading consumers to cut back on essential items like meat, fruit, and medical treatment.