Iran’s currency hits record low amid US sanctions pressure

TEHRAN: Iran’s currency, the rial, has fallen to its lowest level ever, with the US dollar rising above 2 million rials in the open market as Washington increases economic pressure on Tehran.

The dollar was trading at more than 2,020,000 rials in the open market, according to the supplied information.

At the start of March, one dollar was worth about 1,530,000 rials. Since then, the rial has continued to lose value rapidly.

Why is this happening?

The main reason is renewed pressure from the United States, which is seeking to put greater strain on Iran’s economy.

US Treasury Secretary Scott Bessent warned that tough new sanctions and financial measures are coming against Tehran.

At the same time, Iran’s central bank chief, Abdolnaser Hemmati, acknowledged the difficulties facing the country.

Hemmati said Iran’s oil exports and oil income had fallen sharply, almost to nothing, because of international sanctions and the ongoing war situation.

The decline in oil exports and revenues is adding to pressure on Iran’s economy as the rial continues to weaken against the US dollar.