Rial Crashes to New Lows Amid Oil Export Decline and US Pressure

The Iranian rial has hit an all-time low against major currencies, with the US dollar rate reaching as high as 235,500 tomans. This represents a loss of over 15% in value against the dollar over the past two weeks. The euro and British pound also saw significant surges, trading at around 271,000 and 315,000 tomans respectively.

The price of gold has also reached historic highs, with the Emami gold coin briefly touching approximately 240 million tomans. The global spot price for gold was reported to be $4,402 per ounce, but Iran's own prices have surpassed this due to the currency crisis.

The rapid depreciation of the rial is attributed to declining oil exports and tightening restrictions on access to foreign currency reserves. The US military's targeting of Iranian petroleum tankers has exacerbated the situation, as has the expansion of Washington's 'Operation Economic Rejection' pressure campaign.

Central Bank Governor Abdolnasser Hemmati has dismissed reports of a foreign currency shortage, attributing the rial's collapse to 'precautionary and speculative demand' alongside capital flight. However, this failed to stem the rapid rise in exchange rates.