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ConfirmedDiplomacy & politicsTehran, Iran

Iran's rial hits a record low of 2.2 million to the dollar

Mountain Time
Local time
6:48 PM in Tehran
Where
Tehran, Iran

Traders in Tehran exchanged 2.20 million rials for one US dollar on Sept. 2, a record nearly 10% weaker than the previous low set on Aug. 25, as US-Iran strikes resumed. The currency has lost about half its value in a year of tightening sanctions and war.

Why it matters

The slide came a day after the central bank promised up to $2 billion to calm the market, showing the limits of Tehran's defense against the US economic campaign.

Sources (3)

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