Dollar Surges Past 2.1 Million Rials as Iranian Currency Crisis Deepens
The Iranian rial has continued its freefall on Tehran's free market, breaking above 2.1 million against the US dollar for the first time since the ongoing war with the US and Israel began in February.
The dollar's value has risen by more than 60% against the rial since March, when it traded at approximately 1.35 million rials. The euro reached an unprecedented 2.55 million rials, while the UK pound hit 2,976,000 rials.
The UAE dirham, used as a benchmark for pricing the rial on regional markets, has also seen significant gains, reaching 600,000 rials for the first time. One gram of 18-carat gold climbed above 225.7 million rials, and the Imami gold coin changed hands at 2.26 billion rials.
The widening gap between the official exchange rate and the free market rate has made it difficult for ordinary Iranians to access hard currency and import essential goods. The Central Bank of Iran's governor, Abdolnaser Hemmati, attributed the latest slide primarily to psychological factors rather than fundamental economic ones.