Iranian Rial Hits Record Low Amid US Blockade Pressure

The Iranian rial has reached another record low against the US dollar on Sunday as the Central Bank of Iran continues to sell dollars under pressure from a US naval blockade and widened sanctions. The dollar traded at around 2.723 million rials, up about 1.3% from the previous day, while the euro climbed above 3.06 million rials and the British pound surpassed 3.59 million.

The Central Bank has been selling up to $2 billion to support the currency, which has lost more than half its value over the past year. Inflation is running above 70%, with food and drink prices rising even faster.

Mehdi Kouchakzadeh, a lawmaker, criticized the scheme, asking who could afford to buy $10,000 at 2.57 million rials per dollar. Parliament speaker Mohammad Bagher Ghalibaf defended the policy, saying physical management of foreign currency is crucial.