Iranian Rial Hits Record Low Amid Economic Pressures

The Iranian rial has hit a record low against the US dollar due to intensifying economic pressure on Tehran. According to exchange-rate data tracked by Bonbast, the rial dropped 4.6% on August 23. Another unofficial tracker, TGJU, reported that the rial briefly weakened beyond 2 million per US dollar on August 30 before recovering somewhat.

The currency has lost around 63% of its value against the dollar since the beginning of Iran's calendar year in March. At that time, the US currency was trading at roughly 1.35 million rials.

Iranian Central Bank Governor Abdolnaser Hemmati acknowledged that high inflation and rising prices are putting significant pressure on Iranian households.