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Iran’s rial hits record low as new US sanctions loom
The rial was quoted near 1.992 million per dollar on Monday on an unregulated market, down 4.5% since the US announced a major economic push against Tehran last week.
Iran’s rial weakened to an all time low against the US dollar as the US prepared additional sanctions against Tehran, with US Treasury secretary Scott Bessent due to speak at a press conference scheduled for 1pm EDT, 6pm London time, according to the Guardian Business.
The currency was trading at about 1.992 million rials per dollar on an unregulated market on Monday, Bloomberg News cited data from tracking site Bonbast, and that level was down 4.5% since Donald Trump announced a “crushing economic operation” against Iran last week. Another unofficial tracker, TGJU, said the rial passed the 2 million per dollar threshold on Sunday but closed lower.
The Guardian Business said the rial remains under pressure as the US tries to isolate Iran by threatening remaining trade partners and blockading ports in the Persian Gulf, while also reducing oil exports. It noted that Iran’s central bank governor, Abdolnaser Hemmati, said crude exports have “virtually stopped,” and that the United Arab Emirates suspended financial transactions with Iran until further notice.
The story also cited reporting that Iran’s currency drop reflected intensifying pressure from the US effort to cut off economic “lifelines,” while Iran’s oil export situation has deteriorated in parallel. It referenced a quote attributed to Iran’s top financial newspaper, Donya-e Eqtesad, about the currency’s decline.
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