Asia Pacific
The U.S. dollar has reached approximately 2.45 million Iranian Rials in the open market amid the continued decline in the value of the Iranian currency, marking a new record low for the rial.
The U.S. dollar has reached approximately 2.45 million Iranian Rials in the open market amid the continued decline in the value of the Iranian currency, marking a new record low for the rial. According to reports, at the start of trading the previous day, one U.S. dollar was available for approximately 2.405 million Rials. However, the price of the U.S. currency rose further during the day, approaching the 2.45 million- Rials level. A week earlier, the dollar was trading at around 2.3 million Rials, while a year ago its price was between approximately 1.06 million and 1.1 million Rials. This means that the dollar’s open-market price has more than doubled over the past year.
The decline in the Iranian currency comes at a time when the country is facing economic pressure, disruptions to trade and ongoing military tensions in the region. According to the report, the weakening rial and trade difficulties are adding further pressure to Iran’s economy. Meanwhile, diplomatic efforts are also underway for possible indirect talks between the United States and Iran. According to sources, mediators are attempting to discuss a revised draft of a seven-day proposal put forward by Tehran through separate meetings with officials from the two countries. Amid the ongoing tensions between Iran and the United States, disagreements over the Strait of Hormuz also remain unresolved, while recent military clashes in the region have raised concerns about further escalation. The Rials’s continued depreciation is a major concern for economists and business circles, as a weaker currency could increase pressure on the cost of imported goods and trade.
