US Dollar Surpasses 236,000 Tomans in Iran's Free Market
The US dollar has reached a new high in Iran's free market, surpassing 236,000 Iranian tomans. This significant increase follows a week of rising exchange rates, with the euro and British pound also experiencing notable gains.
According to Tejarat News, which tracks free-market exchange rates, the euro has risen by around 5.6% over the past week to approximately 274,760 tomans. Meanwhile, the British pound has gained about 5.8% to top 319,000 tomans.
The recent surge in US dollar value is attributed to renewed US-Iran military exchanges and a US blockade, which have put significant pressure on Iran's economy and crude exports. As a result, Iranian loadings have fallen from roughly 2 million barrels per day in March to about 220,000 to 255,000 barrels per day in August, according to industry data.
Iran's central bank has attempted to mitigate the effects of these developments by announcing that it has sufficient foreign-currency reserves and is prepared to inject up to $2 billion into the market to curb volatility.