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Iran's rial hits record low as US prepares new sanctions
Iran's currency plunged to a record low in informal trading on Monday, reaching 2.02 million rials to the U.S. dollar, as Washington prepared to announce additional sanctions. The economy, already strained by previous sanctions, a naval blockade, and nearly six months of war, faces rising prices for daily goods.
Iran's rial fell to a record low of 2.02 million against the U.S. dollar on Monday in informal currency markets, the rate most Iranians use. The official central bank rate stood at around 1.5 million rials to the dollar.
The drop came as the United States prepared to announce new sanctions, which officials described as an 'economic D-Day,' adding pressure to an economy already affected by earlier sanctions and a U.S. naval blockade.
According to reports, the currency had been under strain before the U.S. and Israel attacked Iran on February 28, with double-digit inflation and negative growth. But nearly six months of war have worsened the situation, and Iranians now find daily staples increasingly unaffordable. Since the war began, rice prices have risen by about 60%.
U.S. President Donald Trump has so far been unable to win concessions from Iran, the reports said.
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- Iran's rial plummets to a record low as the U.S. prepares
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