Iranian Rial Plunges to Record Low Amid US Sanctions Pressure

The Iranian rial has hit a record low, trading at over 2.2 million rials per US dollar on the free market.

This comes after the US Treasury unveiled 'Operation Economic Outcast' on August 24, targeting nearly 60 Iran-linked individuals, entities, and vessels, which widened potential secondary sanctions across various sectors, including digital assets, technology, gold, aviation, and shipping.

The recent military exchanges and blockade imposed by the US have put additional pressure on Iran's economy and crude exports, with Iranian loadings falling to around 220,000 to 255,000 barrels per day in August from roughly 2 million bpd in March, according to industry data cited by Reuters.

The Central Bank Governor Abdolnaser Hemmati said that Iran had sufficient foreign-currency reserves and was prepared to inject up to $2 billion into the market to curb volatility.