Tehran, April 14, 2024 – The Iranian currency plummeted to a record low on the unofficial market on Sunday against the dollar. The exchange rate was hovering around 705,000 rials for one US dollar, surpassing the previous record set in 2018.
The rial’s plunge came after Iran launched a wide-ranging missile and drone attack on Israel on Saturday night, further escalating tensions in the region. Tehran carried out the attack in retaliation for an Israeli strike on the Iranian consulate in Damascus, Syria.
In addition to the rising regional tensions, the rial is also under pressure from high inflation and ongoing US sanctions that have restricted Iran’s oil and gas exports.
In response to the attack, the US is threatening to impose further sanctions on Iran, which could further weaken the rial.
Important Notes:
- The official exchange rate set by the Iranian central bank is still much lower than the black market rate. In 2018, the bank set the rate at 42,000 rials per dollar.
- The situation can change rapidly, so it is important to follow the latest news on developments in Iran and the Middle East.
