Iranian Rial Hits Record Low Amid US-Iran Tensions

The Iranian rial has reached an all-time low on the free market. As of Wednesday, the US dollar is trading at over 220,000 tomans, equivalent to a staggering 2.2 million rials.

Market data shows that the euro is near 255,000 tomans and the British pound is around 297,000. The Imami gold coin has risen to about 226 million tomans, a widely followed domestic store of value.

The sharp decline in the Iranian currency follows recent US-Iran military exchanges and a potential blockade on Iran's economy and crude exports. On August 24, US Treasury Secretary Scott Bessent unveiled 'Operation Economic Outcast', targeting nearly 60 Iran-linked individuals, entities, and vessels.