The Iranian rial falls to a new record low against the dollar.
4/5/2025
The Iranian rial hit a record low against the dollar, trading at 1,043,000, as tensions between Washington and Tehran escalate.
This decline occurred during the Persian New Year, Nowruz, when currency exchanges closed and transactions were limited to informal street trading, placing additional pressure on the market.
On Ferdowsi Street in the Iranian capital, Tehran, the heart of the country's currency exchanges, some merchants have closed their electronic signs displaying the current exchange rate amid uncertainty about the extent of the rial's decline, according to the Associated Press.
Iranians seeking safe havens for their savings amid an annual inflation rate of nearly 40% are turning to gold, dollars, and other currencies, threatening further challenges for the rial.
The Iranian currency was trading at around 55,000 rials to the dollar in 2018, when the Trump administration, during his first term, imposed sanctions to force Tehran to negotiate by reducing its oil exports and limiting its access to foreign currency.
The United States has imposed four rounds of sanctions on Iranian oil sales since Trump returned to the White House. LINK
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