Iran’s currency fell to a new all-time low on Monday, sliding toward 1,250,000 rial per U.S. dollar on the open market, according to local financial outlets. The steep depreciation marks one of the sharpest declines in the nation’s modern economic history.
The rial has been under persistent pressure since 2018, when U.S. sanctions were reimposed with the aim of restricting Tehran’s oil revenues and access to foreign currency. At the time, the currency traded near 55,000 per dollar, underscoring how dramatically the economic environment has deteriorated over the past seven years.
Analysts warn that persistent inflation, shrinking reserves and geopolitical uncertainty continue to undermine confidence in Iran’s currency. With negotiations stalled and sanctions still constraining trade, the pressure on the rial appears likely to intensify.