Iran’s rial hits record low against US dollar
Iran’s national currency has fallen to an unprecedented low, with the rial trading at around 1.5 million to the US dollar on the open market, according to local exchange shops.
Currency dealers reported the new rate as Iran continues to struggle under heavy international sanctions and long-standing economic mismanagement. The sharp decline highlights deepening financial instability and rising pressure on everyday living costs, News.Az reports, citing Al Jazeera.
The latest drop comes nearly a month after shopkeepers in Tehran’s Grand Bazaar closed their businesses in protest against the rapidly depreciating rial and worsening economic conditions. Those closures sparked demonstrations that later spread to several other cities.
The protests evolved into a significant challenge to the government, which responded with a strict crackdown on rallies. Economic analysts say continued currency devaluation reflects reduced investor confidence and limited access to foreign reserves.
Observers note that unless structural economic reforms or sanctions relief occur, pressure on Iran’s currency and domestic markets is likely to persist.
By Aysel Mammadzada
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