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Iranian rial hits record low at 2.2 million

Iranian rial hits record low at 2.2 million

The Iranian rial has reached its lowest ever level against the dollar, with its exchange rate surpassing 2.2 million rials in the unofficial market in Tehran, losing more than 15% of its value since U.S. President Donald Trump announced a "crushing economic operation" against Iran. Although the official rate set by the Central Bank is around 1.5 million rials per dollar, the unofficial market is the preferred exchange method among Iranians for everyday transactions. The Iranian Central Bank has announced its readiness to inject up to two billion dollars to alleviate volatility, confirming that the country's foreign exchange reserves have amounted to 18 billion dollars since the beginning of the year, amid ongoing U.S. escalation against Iran.

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