Iran’s currency drops to more than 1 million rials to US dollar: What to know
This is yet another record low for Iran’s currency, as the country navigates intense sanctions and US pressure.
The Iranian rial plunged to a new low against the US dollar on Tuesday, falling to more than 1 million rials to one US dollar.
TGJU, an Iranian site that tracks currency information, said on Tuesday that the price of the dollar in Iranian markets sat at 1,022,050 rials. On Monday, the rial started at 976,550 against the US dollar, marking a roughly 5% change from Monday to Tuesday.
In 2015, when the United States, Iran and other partners signed the Joint Comprehensive Plan of Action, also known as the Iran nuclear deal — which relieved US sanctions on Iran in exchange for restrictions on its nuclear program — the rial was worth about 32,000 to the dollar. In 2018, after US President Donald Trump, then in his first term, pulled out of the deal and began imposing fresh sanctions on the country, the rial was worth roughly 55,000 to the dollar.
By the time Iranian President Mahmoud Pezeshkian took office in July 2024, the rial had plummeted to 584,000 to the dollar. Its value has now nearly halved in less than a year.
