Dollar Surges Past 2 Million Rials as Iranian Currency Hits Record Low

The Iranian rial has hit an all-time low against the US dollar in the foreign exchange market, with the dollar surging past 2 million rials. This marks a significant increase from last week's price of approximately 1.865 million rials, representing a nearly 7% appreciation in value.

The weakening performance of the Iranian currency has also affected other currencies, with the British pound trading at around 2.7 million rials and the euro reaching almost 2.31 million rials on the market.

The decline of the rial is attributed to several negative factors, including rising inflation, international sanctions, and a worsening financial situation in Iran. The situation has worsened significantly since last year, when the dollar was trading at around 958,000 rials.