Business
one US dollar was trading at approximately 2.688 million Rial,
The Iranian Rial has continued to lose value, reaching a new historic low against the US dollar. In the free foreign exchange market, one US dollar was trading at approximately 2.688 million Rial, compared with 2.632 million Rials a day earlier. Market sources said the dollar’s price also reached as high as 2.695 million Rials. The rapid depreciation of the rial has added further pressure on Iran, which is already facing serious economic difficulties. Over the past year, the Iranian Rial has lost more than half of its value, while rising inflation, US sanctions, pressure on oil exports, and foreign currency shortages have increased uncertainty in the currency market.
According to reports, Iran’s inflation rate has exceeded 70 percent, causing the cost of everyday goods, housing, and other basic necessities to rise for ordinary citizens. To support the rial, Iran’s central bank has announced plans to inject up to $2 billion into the foreign exchange market. State-owned banks have also begun selling dollars to meet demand for foreign currency and ease pressure on the Rial. However, the currency initially continued to weaken despite these measures. Mehdi Darabi, an adviser on foreign exchange affairs at Iran’s central bank, said negative forecasts by US officials regarding Iran’s economy, along with reports from abroad, were also contributing to uncertainty in the market.
As the rial continues to decline, Iranians are increasingly turning to the US dollar, other strong currencies, and gold to protect their savings. Experts say a weaker Rial could make imported goods and raw materials more expensive, potentially fueling inflation and putting additional pressure on people’s purchasing power. On September 29, the dollar had already surpassed 2.5 million Rial in Iran, while the rate of approximately 2.2 million Rials per dollar recorded on September 2 had been considered a previous record low.
