Dollar Surges Past 198,000 Tomans in Iran Amid Sanctions Concerns

The US dollar has reached a new record high in Iran's free market, trading at around 198,000 tomans on Sunday. This surge is largely driven by strong demand for foreign currency and concerns over fresh US sanctions against Iran.

According to Iran's gold and currency information network, TGJU, the dollar started the week at around 189,700 tomans but rose about 4.4% in less than seven days to reach its current price.

The dollar had fallen to around 153,000 tomans on June 17 after Tehran and Washington reached a preliminary understanding to end nearly six months of war, but has since recovered much of that decline, surpassing 191,000 tomans in July.